How much does critical illness cover cost?

The cost of critical illness cover depends largely on the policy you choose. There are a range of levels of cover offered and, in most cases, the higher amount you pay the higher level of comprehensiveness of the policy.

Basic policies are available for just a small amount of pounds per month, but they do not offer as much cover as more comprehensive and, most likely, costly policies. In some cases, there is not a great contrast between basic and comprehensive policies, so it may be worthwhile spending a little more to get better cover.

The premium price will also depend on your personal details, your lifestyle (case in point, if you smoke, you may pay more because smoking increases the risk of several serious illnesses) and how old you are, in addition to what occupation you have and your health. If you are over the age of 50, have a history of illness or you work in a high-risk industry, your premium is likely to be higher than somebody who is younger with no history of illness.

Once you take a policy out you may find that the cost increases over time. Any changes in the premium price will be outlined in your policy document or you will receive a letter from your insurance provider explaining the changes. If you are struggling to afford the payments, get in touch with your insurance provider and ask if there are any cheaper alternatives or different ways you can pay for your policy (for example, spreading the cost). If you make any changes to your policy or you increase your cover, you should expect to pay a higher premium.

How do I pay for my insurance?

Most people pay small monthly contributions for their insurance but you can pay annually, and often insurance companies give small discounts for annual payments. You can set up a direct debit to pay for your insurance so that you do not forget to pay for it on a monthly basis.

Shopping around

Most people are looking for ways to save money and shopping around for insurance could save a lot of money. Getting quotes from different insurance provides enables you to see what you can get for your money.

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