Who is Critical Illness Cover meant for?

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Critical Illness cover is a form of an insurance product where the policy holder receives a lump sum payment from the life insurance company if the holder is diagnosed with a certain illness. This would allow the beneficiary to use the payout for hospital fees. The types of illnesses which are often included in critical illness cover include cancer, and other types of illnesses where treatment is costly.

To ensure that the pay-out is given out, the policy-holder must survive a minimum duration of time to ensure it is a disease which is survivable, the standard amount of time is usually 28 days. A critical illness policy can include up to 2 dozen diseases.

This type of policy is critical in any mortgage protection insurance policy. This is because having your mortgage paid off entirely when you're diagnosed with cancer etc. would allow you to focus your energies on beating the illness and not worry about financial matters.

When the insurance companies first invented this policy, only four types of illnesses were covered. They were heart disease, cancer, suffering a stroke or having a heart attack. However, the number of illnesses covered have now branched out to include organ transplants and other more rare diseases.

How to Get a Low Rate for Critical Illness Cover

There are 5 easy steps you can take to get the best rates available for critical illness. Firstly, quit smoking if you are a smoker currently. The statistics shows that smokers have a 200% higher risk of contracting lung cancer. They're also three times more likely to suffer from a heart attack or heart disease due to the blockage of the arteries. With these figures in mind, insurance companies have to charge higher rates for critical illness for smokers.

Secondly, you should exercise regularly. Insurance companies use figures such as your MBI ( Mass Body Index) to determine whether you're overweight and will charge a higher premium if you're found to be obese , MBI > 30. With regular exercise, you can lower your MBI and will be able to enjoy lower life insurance rates at the same time.

You should also try to purchase insurance for a longer term as this would give you a discount. The age of the policyholder is the main factor in determining the insurance rate you have to pay, hence it is possible to get a better rate if you “lock in” your premiums for a longer duration of time.