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Critical illness cover offers - News 2009
Consumers considering taking out critical illness cover have been advised to take into account how much it would take to overcome the financial impact of the development before signing on the dotted line.
Giving personal finance tips in an article in the Scotsman, Edinburgh-based Melville Hutchison financial management director Derek Smith said that it may be wise for people to take out critical illness as opposed to death only cover.
He explained that if you are taking out protection to cater for something like a mortgage, "the fact is that you are probably more likely to suffer a critical illness than to die during the insurance period".
He went on to state that it is important "to understand the exact circumstances under which the insurer will pay out", adding that many different policies are in existence.
Warning that some insurers "offer life insurance on a very simple, easy to arrange basis", the expert goes on to say in the article that consumers should beware of deals that come with an "easy offer".
Mr Smith explained that "whilst this can be very convenient, they do not always offer good value for money".
Scottish Widows recently said that critical illness cover is vital because diseases can strike at any time.
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