When comparing critical illness insurance products, value for money has to be the key factor in deciding which policy you choose. While the price of each product will be a major determinant, it is not only how much the contract costs, but what is covered within the agreement that will ultimately dictate whether a policy is truly value for money.
Ensure the Policy Is Fully Comprehensive
When you are comparing critical illness cover policies it is essential that you compare like for like and that your final choice covers all the elements of critical illness that are of concern to you.
Each policy is different and what they cover will vary between companies and even within products in the same company so make sure you read the small print.
Though one product may seem cheaper on the surface, if the cover is not adequate or does not suit your needs then the entire policy could end up becoming very costly indeed.
Check the Exclusion Clauses
Most critical illness policies will have some exclusions and conditions relating to the severity of the illness or the actual type of condition that is covered.
If you have a particular concern or have suffered from a serious illness in the past, then ensuring such conditions are included within the policy may make the insurance more costly at the outset, but if this provides you with peace of mind and offers the cover you actually need, then the extra cost can make sense.
Be Cautious Of Overpaying
In the same way that exclusions can erode the benefit of a policy, paying for cover that you don't need will also reduce the value of the contract.
If there are illnesses covered as standard that you do not feel are relevant to you, consider opting for an alternative policy which may cover more relevant situations and ensure that you only pay for protection you actually need.
How Easy Is It to Claim
The Association of British Insurers has now defined the minimum level of cover required for any critical illness insurance provider.
This legislation dictates the minimum, however many companies are now offering greatly improved policies which are awarded with an ABI+ score.
As some products now boast a score of as much as +9, this ABI+ value has become a key indicator of quality which may be worth paying for even if it does cost a little extra.
Look Out For Free Additional Cover
Many critical illness cover providers also offer free additional benefits without affecting the policy price. These can include additional cover for lower grade illnesses or can include critical illness protection for children making such contracts much better value for money.
When choosing your Critical illness insurance, the overall price of the policy has to be a major consideration, but make sure you shop around by using comparison sites such as www.critical-illness-cover.org and compare products like for like. You may find that you can get much greater value for money and ensure the benefit you receive is much closer to the protection you actually need.
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