Critical Illness Cover Quote

Critical illness cover was first introduced in the US during the 1990's and since then has been gaining ore popularity due to the benefits it is comprised with and the possibility of a cheap critical illness quote. Thousands of people are getting critical illnesses every year, thus it seems a no brainer that critical illness cover is a must have for peace of mind.

Over half a million people have this type of cover which has either been purchased or offered though an employment plan. To get to the point, critical illness insurance is similar to health insurance in that it pays a lump sum (tax free) to the insured if they become seriously ill.

As said in previous pages that critical illnesses insured by companies vary depending on the insurer and their terms and conditions. However, any insurance company worth their while will insure against the main problems that people suffer from which include;

	Cancer
	Heart attack
	Stroke
	Blindness
	Alzheimer's
	Multiple Sclerosis
	Organ transplants
	Kidney Failure
	Paralysis

The cost of this kind of cover depends on several factors which is why you should shop around for a critical illness quote.

In general, the younger and healthier an individual is, the lower the premium will be.

The main factors taken into consideration however are points such as age, medical condition, coverage required, number of illnesses covered, if you are a smoker and family history.

It definitely pays to shop around for your insurance whilst you take several factors into consideration. Consider your income, financial obligations and necessary health care needs.

Critical Illness Insurance Quote

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To show the differences that are possible for older individuals applying; a male age 50 (non-smoker) would pay about $285 (£140) for the $10 000 of protection. A male age 50 who uses tobacco products can expect to pay as much as $475 (£230) annually. Again, women will pay proportionately less.

Most insurers will offer critical illness insurance policies that pay as little as $5,000 (£2500). However, most insurers include a policy fee that may be nominal but can make it more prudent to buy a slightly larger plan. Most insurers will offer a maximum benefit of $500 000 (£250 000).

Many financial advisors out there will suggest a policy that is the equivalent to 2 years worth of mortgage repayments. This is based on the fact that most illnesses are treatable and cured within this period of time, thus limiting your policy to several aspects to make it as cheap as possible. For those people with high deductible health insurance plans, adding the amount of uncovered costs to your current policy may be prudent.

The Price for a $20 000 (£10 000) critical illness insurance benefit would be $320 (£160) yearly for a male non-smoker who is around 40 years old. A 40-year old female non-smoker would pay less, of approximately $250 (£125) annually. Again, obviously tobacco products will induce significant rises in costs. The same $20 000 (£10 000) benefit for the male would be about $550 (£275) annually and for the female applicant, it would be approximately $380 (£190) annually.

Those waiting to apply at older ages will pay more than the younger applicant. A male age 50 (non-smoker) would pay about $500 (£250) annually for the $20 000 (£10 000) worth of cover. A male age 50 who uses smoked can expect to pay as high as $850 (£425) annually. Again, women will pay proportionately less.

The American Association for Critical Illness Insurance maintains an online cost calculator that depicts average costs for policies that range from $10 000 (£5000) up to $50 000 (£25 000).

Again, these are just average costs of typical critical illness insurance prices based on annual figures. Don't consider this as an official Critical illness Quote.

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