There Are Many Aspects Which Can Affect Your Critical Illness Cover and Premium


Critical illness is becoming a much more popular form of insurance as it offers protection against death and can provide the policy owner’s beneficiary with a cash lump sum that can used for a wide array of needs, occasions and purposes. There are many factors which can affect the amount of the premium we will have to pay each month. Each could affect your premium positively or negatively. Below are a few of the factors and a brief explanation to how each could affect the premium of your critical illness policy.

Honesty: Honesty is a very important aspect when filling out the application form for your critical illness. Any incorrect answers could make the insurance policy void which will then mean your family will not be able to claim the death benefit.

Occupation: Occupation also plays a part in the amount of your premium. If you have a high risk job such as: working on an oil rig, the army or gas industry that your premiums will be made higher as you are risking your life a lot more which means there is a larger chance of something happening to you.

Smoking status: Smoking can also increase the amount of your premium as smoking can make you more prone to diseases and organ failures.

Weight and BMI: If you have a larger BMI this means that you are much more at risk of suffering from heart failure, organ failures and diabetes.

Age: The younger you are when you take out your critical illness policy means that you have a much longer period of time to pay off the total,  this means the premium each month will be lower as you are paying it for a much longer period.

When it comes to purchasing your critical illness these factors, and many more, will be the things that affect your premium the most. Ensure that each question you reply to is the full truth and that it is up to date as if your policy is not truthful it will become void and your beneficiary is unable to claim the death benefit.

Although there are many different things which can affect the price of your premium don’t let that put you off taking out a policy because without a policy you have no protection. You need to think about what you would do without the protection, for most people they will struggle a lot especially financially because being critically ill can mean that there is specialist medical care required or that the home needs adjustments so that they can live comfortably. These are things that you would possibly not be able to afford without the payout from a critical illness insurance policy and so it is very important to really weigh up the cost of your premium against what you might need to spend your payout on, spending a £15 a month on an insurance policy has got to be worth the peace of mind that it gives you.

Ensuring that your family is financially safe when we are gone is very important, and ensuring that your policy is correct and covers everything you need it to be will guarantee that your family will be able to receive the death benefit, stress free.

Critical illness insurance is a policy well worth taking out, you will never know if you will be diagnosed with a critical illness so why take the risk? Having a policy will give you peace of mind and you can enjoy living your life to the full without worrying about what could possibly happen to you and your family.

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