What is the difference between "Guaranteed" and "Reviewable" Critical Illness policies?

A "Guaranteed" policy is where the insurance company guarantees never to raise the premium at any time during the duration of the policy.

A "Reviewable" policy is where the insurance company reviews your premium regularly (normally every 2 to 5 years but this does vary between insurance companies) and has the right to increase your premium at the review date. In our experience, Reviewable policies tend to experience price increases slightly in excess of inflation.

In recent months the cost of critical illness insurance has risen and many companies have withdrawn their stand alone "guaranteed" critical illness policies. But do ask the life insurance adviser when they call for a quote on a "guaranteed" policy and, if one is available, they will price it for you. Also ask them for a "reviewable" rate. You will find the "reviewable" rates significantly cheaper in the first few years but later on they are likely to become more expensive than a "guaranteed" policy - if you can get one.

Why should I consider combining Life Insurance with Critical Illness insurance?

Well, first of all there are some super bargain deals around if you combine the two types of insurance.

Secondly, most insurance companies state that you must live for at least 28 days following diagnosis of a critical illness in order to be able to claim under a critical illness policy. If you die within 28 days you cannot claim.

However, if you have a policy which combines both Life and Critical Illness insurance, and die within 28 days, you are still insured under the life cover provision of your policy. That's why it's wise to take out a combined critical illness and life insurance policy as it can help to cover both eventualities.

Under a combined Life and Critical Illness policy, is the value of cover the same for the life and critical illness provisions?

When you get a quotation, the level of critical illness cover is always automatically be the same as you requested for your life cover. The system works like this because most people want it that way.

However, if you do want different levels of cover for life and critical illness, then please let the life insurance adviser know and they will be able to give you a special quote.

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