Big Changes on the Horizon for Critical Sickness Insurance

In recent years sales of critical illness insurance coverage have flagged. The primary cause could be the huge 70% increase in premiums experienced during recent years. For many, critical sickness insurance has simply priced alone out of the market.

It’s not that essential illness insurance is a bad concept. After all it pays out a huge if the policyholder is diagnosed with one of the many important illnesses listed on the policy and the policyholder survives at least 28 days through diagnosis. (Note: some policies have a 14 day survival period. ) Most policies have a huge list of covered illnesses although about 60% associated with claims are for cancer — not surprising, as 1 in every several people will develop cancer sometime in their lifetime. In fact when you look at the idea of Critical illness insurance you can easily create a case that everyone living on earned income should have a policy.
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It can designed to give you a pot of funds to live on if serious sickness prevents you from working normally.

Premiums have increased dramatically due to the fact medical advances have meant that lots of illnesses that proved fatal previously are becoming quicker to detect and easier to treat. Hence insurance companies have discovered themselves paying out earlier on claims and illnesses which are not necessarily debilitating — which was the original purpose of critical sickness insurance.

To give you a better idea of the type of illnesses we’re talking about, here’s a typical list:

Alzheimer’s Disease

Aorta Graft surgery

Bacterial Meningitis

Loss of sight

Brain Tumour




Coronary Artery by-pass surgery

Coronary Artery Angioplasty


Heart attack

Heart Valve replacement/repair

HIV/AIDS resulting from blood transfusion

Inability to perform your responsibilities of occupation

Kidney failure


Loss of limbs

Loss of speech

Major organ transplant

Motor Neuron illnesses

Multiple Sclerosis

Occupational HIV/AIDS



Parkinson’s disease


3rd Degree burns

Any illness that will results in Total and Permanent disability

Insurance companies have at last realised maybe not going to get anywhere marketing plans that people can’t or won’t afford, and where the companies can’t pay for to lower prices. So it now appears as if insurers such as Scottish Widows are considering a break through – splitting the cover so that the prospective policyholder can specify which illnesses he or she wants to insure against. It’s a kind of “menu pricing” – cover for every illness would have a price and you merely select which illnesses you want to guarantee against.

Whether such insurance proves popular will very much depend on the price. For example , if cancer accounts for about 60% of current claims, you’d probably expect the premium for covering cancer alone to be about forty percent cheaper than a full strength critical illness policy. We’ll have to wait and see.

If you’re interested to find out just how much a standard critical illness policy would certainly cost you, you’ll find it cheapest on the Internet. The best sites to look out for are the independent discounting brokers who deal with all the huge insurance providers. These brokers can search the whole market for you, come up with the least expensive insurer, and discount their price. Try to use a broker who’ll also give you personal advice on the phone as some policies do vary in the scope of their cover.

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