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Summary

Critical illness insurance is beginning to price itself out of the market. But moves are afoot to bring in Menu Pricing. This will enable you to select which illnesses you want to insure against and you simply pay for that level of cover. This article explains.

Critical Illness Insurance.Big changes on the horizon

Author: Michael Challiner

In recent years sales of critical illness insurance have flagged.

Home Mortgage Loans: More people are paying off their mortgages early. How do they do it? This article explains some ways.
Interest Only Home Loans: An introduction to the workings of an interest only mortgage.
ReMortgaging is it still worthwhile: Rate Tart is the name coined by the mortgage industry for borrowers who switch mortgage lenders chasing lower interest rates. Call them Rate Tarts if must, but they'll be the richer for it!
Mortgages. Big changes in the buying and selling of houses.: In mid summer 2007 everyone who wants to sell a property will have to prepare a Home Information Packs before they put it on the market. This article explains what the Packs will have to include what they'll cost - and whether we expect them to work!
Mortgages. The return of the Mega-Mortgage.: All of a sudden, mortgage lenders love mortgages over £500,000. Great if you can afford them.
Mortgages. Short term advice: There are some new lower rate “lifetime” home loans coming onto the market. How do they fare against the even lower rate “shop around” options?

Life Insurance News

The primary cause is the huge 70% increase in premiums experienced during recent years. For many, critical illness insurance has simply priced itself out of the market.

It's not that critical illness insurance is a bad idea. After all it pays out a lump sum if the policyholder is diagnosed with one of the many critical illnesses listed on the policy and the policyholder survives at least 28 days from diagnosis. (Note: some policies have a 14 day survival period.) Most policies have a huge list of insured illnesses although about 60% of claims are for cancer - not surprising, as 1 in every 3 people will develop cancer sometime in their lifetime. In fact when you look at the concept of Critical illness insurance you can easily make a case that everyone living on earned income should have a policy. It's designed to give you a pot of capital to live on if serious illness prevents you from working normally.

Premiums have increased dramatically because medical advances have meant that many illnesses that proved fatal in the past are becoming quicker to detect and easier to treat. Hence insurance companies have found themselves paying out earlier on claims and on illnesses which are not necessarily debilitating - which was the original purpose of critical illness insurance.

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Did you know?
Secured loans always attract the lowest interest rates. That's because the lender is protecting his risk by taking a legal charge against your property. Then, if there is a default, the lender can call in the loan and, in the final event, sell the property in order to recover the money you owe.

Did you Know?
Cheap secured loans are widely advertised on the Internet but of those applicants who are accepted, 43% are offered a higher rate than the rate they saw advertised (source: Experian). That's why, if you're looking for a cheap secured loan, it's a good idea to apply through a loan Broker. The Broker will know exactly who will accept your credit history and find you the cheapest rates of interest.

Today's Tip
f you want a cheap car insurance quotation then make sure that you get some quotations from car insurance brokers. Brokers automatically compare prices from the various insurance companies and offer you the best deals. And remember that cheapest is not always best – always check out the details of the cover – for example, whether a courtesy car is provided if your car is being repaired and whether legal assistance or windscreen cover is included. You also need to check out the excess on the policy.

Did you Know?
Under the 1971 Animals Act, dog owners are legally responsible for their animals. So some pet insurance policies also include third party liability insurance for dogs. This means, for example, that if your dog causes a road accident which damages a vehicle, the insurer will pay for the damage.