Today, all the major insurance providers in the UK offer critical illness cover but how would you find out which one is the best for you?
Well the answer is not that simple. One of the biggest insurance providers i.e. Legal & General is trusted by the majority of people in the UK when it comes to life insurance for many reasons viz. they’re one of the oldest & the most heard of insurance companies in the UK, they also happen to be one of the most competitive insurance companies around but are they really that good when it comes to critical illness cover? Think about it if you’re looking to consider a CIC.
L&G covers you for just over 40 medical conditions which means, if you ever get diagnosed with something critical that’s not on their list you’ll never get paid even if you were to stop working & were off work for over 2 years. You could end up spending almost all of your savings for perhaps private treatment or to carry on living the same lifestyle but that wouldn’t necessarily mean that they would pay you, simply because they don’t cover that condition.
The same way, some companies would cover you for 50 conditions; some for over 80 & Vitality for e.g. would cover you for 114 conditions. But does that really make Vitality the best? Think again!
Vitality offers you serious illness cover which means if you were to get diagnosed with cancer for which all other providers would pay you the full lump sum that you’re covered for Vitality would only pay you a percentage of that amount depending upon the severity of your condition.
So just because a company covers you for more conditions doesn’t make it any better than others. There’re many factors that need to be considered before you decide which route you want to take.
AND for that very reason it’s highly recommended that you take professional advice from independent advisers/brokers to ensure they tailor make the cover based upon your budget and requirements.