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Critical Illness Cover - How does it work?

How do critical illness premiums work?

Critical illness premiums are usually payable monthly; however some companies do allow a one off premium to cover the whole year. Critical illness polices are usually offered on either a guaranteed or reviewable basis. A guaranteed policy means that your premiums will remain fixed for the duration of the critical illness policy. Reviewable polices mean that the company providing the cover reserves the right to review the policy premiums. This review is usually done every 5 to 10 years depending on the critical illness company. Reviewable policies tend to be cheaper initially, however over the course of a policy may work out much more expensive than a guaranteed policy. There is also no guarantee that when the company decides to review the policy, the new premiums will be at a level that you can afford.

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