Critical Illness Premiums Rise As More Patients Survive

Premiums for Critical Illness Cover (CIC) are increasing due to increasing demands and concerns of medical advances in the future. Once diagnosed with a deadly disease, the CIC paid a tax-free lump sum that will support you financially if you are absent from work due to illness. Two major insurance companies will increase the cost of coverage soon. Legal and general premium increase of 20 to 25 percent of Swiss life and 20 per cent. These increases are small compared with the 50 percent imposed by Friends Provident and BUPA and 60 percent announced by Norwich Union and Scottish Equitable. Liverpool Victoria which is still considered to increase the force next month. The insurance industry is in crisis, such as advances in medical science to patients survive disease that would end only 10 years. The effect of this change in medical insurance claims paid by the life insurance are decreasing, while critical illness policies have seen a substantial increase. Consequently, the cost of life cover is decreasing, while the critical illness cover is increasing rapidly. In a bid to cut soaring premiums, the Association of British Insurers has revised the conditions under which it provides coverage for prostate cancer and heart problems. many patients are now finding that early diagnosis of these results in terms of life expectancy. The conditions under which policies pay CIC are redefined. This development will help reduce the number of claims and therefore reduce the rate at which premiums are increasing. (For example, critical illness cover will not pay for cancer of the skin unless it is invasive) LifeSearch runner Kevin Carr says that the policies currently cover serious disease conditions, which are easier to detect and treat . The claims are, therefore, be constant for non life threatening conditions, which is not the purpose of politics. A review of the terms of the policies of many is likely that in the future. CIC for diabetes has been removed from Swiss Life, leaving the insurance company BUPA as one that includes this condition. Feasible policies are being offered by a growing number of insurance companies. Diseases and premiums under these policies are reviewed every five years. The CIC is a typical policy of ensuring that is implemented for a number of years. Premiums stay the same, while coverage is in force, which is normally the end of their guides. However, this coverage is increasingly expensive. The division director of independent financial adviser, Liverpool Victoria, Rye Mills says you must pay for security policy that is guaranteed. He adds that people are more likely to choose a renewable, instead of ensuring the policy, such as increased costs widens. While increasing legal certainty and general CIC is also the beginning of a challenge by providing a choice. Skandia withdrew CIC is guaranteed, while Scottish Widows only offer cover to appeal. It is understood that the Attorney General and the revised price will be around 15% less than the cover provided. If you have a guaranteed CIC can not be modified to include new definitions of disease. LifeSearch Mr. Carr believes that while the premiums of the policies challenged clients, and perhaps would have preferred a policy guaranteed. It suggests that if you do not already have coverage now would be prudent to take before more changes are announced.