The price you pay will depend on a number of things, age being one thing they use to figure your costs. Some employers will offer critical illness cover with their insurance programs.

The critical illnesses that will be covered in your plan will be chosen when you apply for your insurance policy and you will choose how many years the coverage is for.

Some types of illness covers are:

• life cover with critical illness option
• life cover with children’s critical illness option
• life and critical illness cover combined
• life cover with disability option
• income protection with critical illness option or death

Life cover with critical illness option

This is like a life insurance policy that gives you the option to change or add critical illness into it later.  The life insurance is paid in the event of your death to your beneficiaries.  Most policies are fixed term policies.

You will choose how many years the policy goes for and the amount that will be paid in the event of any situation in which the policy is for.

Life cover with children’s critical illness option

This is similar to one for an adult but is for children. Most companies will have an age bracket for the child or children to be insured.

Life and critical illness cover combined

This can cover one individual or a couple. If one gets ill or dies, the policy will cover either one, as both will be listed on this policy. This insurance will be for life insurance and critical illness insurance.

Life cover with disability option

This is an insurance that is for critical illness coverage if you become ill. It will also cover you if you cannot work due to the illness or become disabled.

Usually this insurance only pays you between fifty to sixty five percent of what you earned and it can take anywhere from 5 weeks to 52 weeks before you begin to receive benefits.

It is a great idea to have some savings for the future to fall back on in case there is a time when you may need some income.

Income cover with a disability option or death

This is pretty much the same as having disability insurance. The policies and the guidelines are basically the same. Income protection will pay you a percentage of your income if you are unable to work due to a critical illness, paying approximately fifty to sixty percent of what your earnings were.

These benefits are tax free for personal individuals. For business owners or the self employed, the guidelines are a bit different. The company that you choose for this insurance will be able to explain everything to you when you apply for income cover with the disability option. You will choose the amount of years this plan covers just the same as life insurance cover.

The Average Cost Of Critical Illness Cover Insurance

There are several companies to choose form in the UK for critical illness cover. There is Prudential, Aviva, www.lifeassurance.com and many more. Most companies will have a place on their site for a free quote.

They should give you a quote from several different companies and they should find you the lowest prices. Once you receive quotes, it is a good idea to meet with the companies in person. This way you know they are legit companies.

The prices are all about the same with each company. The average cost of critical illness cover is about £50 per month. These prices could be a little more or less, depending on what your age is, family history, and other questions you may be asked when applying for insurance plans.

Some companies will ask you to get a physical. Receiving benefits may depend on the results of the physical.

Someone can get an insurance (assurance) plan to cover any event that may occur, whether it is an illness, or death, the family and yourself are covered. Some things are not covered with any of these plans.

Each insurance company is a bit different and will tell you what is not covered. An example of something that is not covered in these plans is alcohol or drug abuse.

My Personal Opinions

When I think about the costs to have this insurance, I may think the prices are a bit high, but when I think about it further, it is kind of like having a savings account. I cannot take any money out of this savings account though.

This money that I pay will go toward any event that may occur during my lifetime. It will protect me if I am working and come down with a critical illness. It will protect me if I become disabled. Other types of policies will cover children, family, mortgages or whatever plan is chosen.

Sometimes, it can be very frustrating to have to wait for benefits. After all, we pay these companies for many years for this critical illness insurance, but they do tell us ahead of time what to expect if an illness happens to us or our child.

If you can put away an extra ten to twenty quid each week while you work, it will add up and you will have some money just in case. This way you have two savings set aside for you and your family.

This I think, is a great feeling to know that no matter what may happen in life, we are okay. Our family will be okay, too. No one likes to think of the possibilities that someone may get sick or die, but it can be a reality, so it is so much better to be prepared than to have it happen and not have anything to fall back on.

The old saying goes, prepare for the worst and hope for the best. There are other cover plans one can get. Someone can get a cover plan to take care of the mortgage in the event of their death. You will choose which critical illnesses the plan will cover when you apply for the insurance.

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The peace of mind experienced by knowing, in case of the unexpected you have at minimum, prepared you and your family financially.  Alleviating the stress that comes from overwhelming medical bills is half the battle of getting back to health.  The burden of living without you is partially eased in case of fatal disaster.

However, before you run off to purchase life and/or critical illness cover it’s important to know just what these two programs offer, how they differ and what package will best suit you and your families needs.

Let’s start by looking at Life Insurance cover first.

Historically, Life cover has been around since the period of the Roman Empire.  Termed “burial clubs”, this antiquated form of Life cover would supplement the cost of the deceased funeral expenses and provide some monetary assistance to the survivors family.

A more modern version was introduced in the 1600’sby a the now famous Lloyds of London Company, but was more specifically designed to service the shipping and trading industry with it’s many related risks.

Though policies have become a bit more complicated today, Life cover has spanned the globe and has become an important addition to every civilized society.

What exactly is Life cover?

In its purest definition – Life Insurance cover is a legal contractual agreement made between Insurer and a Policy owner.  The Insurer agrees to pay according to the agreed upon terms a lump sum (benefit) to the policy holders designated parties (beneficiaries) at the time of his death in exchange for the Policy owner paying the required monetary amount (premium) determined at time of entering contract.  These premium payments are usually set to be paid monthly, some policies will allow a lump sum payment.

Here is where death insurance can become complicated and it is vital to take some time to identify the differences in the various forms of cover before investing in protection.

Listed below are the differing options with a brief description to give you any idea of how these options will affect you as a potential Life cover holder.  Please note due to lack of space we will not be including investment and annuity type policies in this article.

Temporary Term Life cover Insurance – Life cover for a specific length of years.  The premium may vary over time increasing or decreasing.  The terms of this life cover plan can be a minimum of one year (which may be renewed annually) with premium buying protection only in the case of death.  If the policy owner dies before the term has expired, payment will be made.  If she outlives the policy, no money is paid out to the beneficiary or policy holder.

Permanent Life cover Insurance – Policy remains active up to the time of death of policy holder.  The cancelling of this policy cannot be initiated by the Insurer other than in the case of application fraud.  Policy holder will have money management options as the policy builds over time.

Whole Life cover Insurance – This policy contracts a fixed premium price with a fixed and guaranteed death benefit.  This plan also allows for additional terms ( riders) to increase cover or provide greater monetary amounts to beneficiaries.  Also “loans” may be granted but will decrease the benefits given to the designated survivors.

Universal Life cover Insurance – This is the newest option and is a form of investment life cover.  Combining a cash account with the premium payments and related interest will be applied to these sums in order to increase the beneficiaries payout.

Limited Pay Life cover Insurance – this policy provides for a limited number of premium payments.  Once the contracted period of payment is met, between any variation of time starting at a minimum of 10 years or up to the age of 65, that policy has been paid for and no further premium payments are required.

Endowment Life cover Insurance – This is basically a savings plan.  The accumulated amount this plan the exact amount of the payment received once the policy owner reaches a certain age.  His being dead or alive is not a condition to distribution of the contracted amount (endowment).

Accidental Death Life cover Insurance – This policy is a limited life cover plan that will only cover death by accident which most often does not include suicide or health problems.

Keep in mind all of the above optional policies can include riders (policy add on), specific terms of contract, and confusing terminology that could disqualify a policy holder from receiving the expected benefits.  Be sure to read thoroughly through your policy before signing.

Taking a look at Critical Illness Cover Insurance

In 1983 a South African cardiac surgeon, Dr.  Marius Barnard presented a plan to the insurance world that would protect an individual’s life rather that providing for his death.  Today it is known as critical illness cover and is slowly growing in demand around the world.

Despite the benefits of nationalized health care, critical illness can create an overwhelming financial burden for anyone.  The ability to work may be at risk due to the illness itself or the stress it brings can make it difficult to hold a job.  The basic functioning of any home can take a hit; bills, utilities, fuel, food are all dependent upon a steady income.  When dealing with a serious illness you could loose more than just your health.

Critical illness cover was created to minimize some of this burden by paying a lump sum within a 30 day time period the policy owner is informed of his illness.  The money is paid directly to the policy holder and can be used in any way.  The critical illnesses covered usually includes: stroke, heart attack, cancer, organ transplants, blindness, organ failure, Parkinson’s and Alzheimer’s along with several more serious conditions.

Critical illness cover assumes you will survive your illness and is designed to help with your expenses while in recovery.  HOWEVER, the explanation here has been simplified for clarity so be careful.  Many policies have some very tricky stipulations to your critical illness that must be met before your funds are released.  Read and discuss carefully any and every policy you may be considering.

“The principle of life is that life responds by corresponding; your life becomes the thing you have decided it shall be.” Raymond Charles Barker

How does your life correspond to critical illness cover insurance and death? That is the question we all must consider for ourselves and our families.

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