Since critical illness cover was introduced in the 1990s, both UK residents and insurance companies have felt the bite – and benefits. For those who have survived a critical disease and are unable to work, critical illness cover in Maidenhead has provided a much-needed benefit. But insurance companies hadn’t realised the true cost of claims as the number of purchased policies increased.

 This led to critical illness becoming a necessity to consumers, but also a bane. This is because the premium prices rose so high and people being rejected because of the number of exclusions in covered conditions. That being so, the policy was still a necessity, as it was an affordable way for people to buy protection and to cover expenses should they become ill.

 There was also a trend in policies – around 55 per cent of all claims stemmed from a diagnosis of cancer. And it’s also expected that cancer rates could increase as much as 28 per cent over the next 20 years, with certain forms of cancer rising as much as 70 per cent. So now, insurers are having to prepare for an increase in cancer claims, and may have changed their policies and put restrictions on the types of cancer on which it will pay out.

 So what to look out for? Firstly, redefining conditions. Don’t go anywhere near a critical illness cover plan where the insurer would review the definition of a payable condition once the policy is purchased. This only cheats the policyholder and sets the possibility of payout in the insurer’s favour. Secondly, look over the policy language very carefully. Your possibility of future claims is dependant on the number of conditions that they cover – for example, the more conditions they cover, the more chance you have of a payout.

 Thirdly, look into trustee claims. Make sure you will be able to claim through a trustee on your behalf if you should become incapacitated through a critical illness. Without this, you could have a problem making a claim until a receiver has been appointed.

 If you’re looking for critical illness cover in Maidenhead, we can help you choose the right policy for your needs. For more details, contact us direct by phone, or through our main website.