46|Pulse|24 August 2006
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If you were to fall seriously ill you would not want financial worries to hinder your recovery, says Stuart Smith
Policy that could be
critical in the future
The latest insurance company to issue de- either life-threatening or which will most Data supplied to surance, it is often worth paying a little
CMP Europe Ltd
tails of the critical illness claims paid during likely require a future change of lifestyle, as- and CMP Information more if that will buy you a better policy – it is
2005 is Standard Life. Over the course of the suming survival. Ltd may be shared rather similar to the difference between
with any member of
year, it paid out a total of £19.8 million on the United Business buying a Skoda or a Volvo (no offence to Sko-
342 claims, an average of just under £60,000 What it costs Media Group
worldwide,
da owners intended!).
per claim. So how much does it cost to provide this fi- associated
It is not only the number of illnesses cov-
As has been the case with other insurance nancial security? Clearly, the premium for a companies and ered that can make a difference, but also
subsidiaries for the
companies, the majority of these claims, in critical illness policy will depend on a num- purposes of customer
how those illnesses are defined. For exam-
this instance 63 per cent, were from those in ber of factors, such as the age of the appli- information, direct ple, all companies offer cover in the event of
the 40-59 age range, while 32 per cent were cant, the amount of covered required, marketing or being diagnosed with cancer, but not all
publication. Data
from those aged 0-39. Once again, cancer whether or not the applicant is a smoker, may also be made types of cancer are covered, and sometimes
proved to be the condition for which most and also how many of the ‘bolt-on’ options available to external severity is also taken into account.
parties on a list rental
claims were made, representing 52 per cent are required, but the table below gives an or lease basis for the Thus most companies do not provide any
of claims, compared with the next closest idea of the typical costs involved. purposes of direct cover for low-grade prostate cancer, or for
marketing.
condition, which was 13 per cent relating to It shows the cost of a policy with a sum as- mastectomy due to ductal carcinoma in situ,
heart attacks. sured of £100,000, over a term of 10 years, but one company will make a small payment
If you do not wish
What these statistics tell us, above all else, and with fixed monthly premiums, assum- data to be made should either of these conditions occur. The
is that another 342 people are now truly
thankful they had a critical illness insurance ‘Consider ing acceptance on standard non-smoker
rates. The figures – provided by The Ex-
available to external
parties on a list
rental or lease basis,
option to reinstate your cover after a claim is
also very useful, and not necessarily expen-
policy in force when they needed it most.
critical change – raise two important issues:
• The cost of critical illness insurance in-
please write to the
Data Protection
Co-ordinator,
sive, but not offered by many companies.
If the claims statistics recently issued by
Financial Security
The chances are that many of those people, illness creases significantly the older you are by the
time you arrange the policy. This should
CMP Information Ltd,
Dept PUP551,
FREEPOST LON
Standard Life are not worrying enough, con-
sider this – since it started to offer critical ill-
with the financial security provided by the
claim proceeds, have been able to concen- insurance’ serve as a clarion call to all doctors under the
age of 40, who have not yet got around to
15637, Tonbridge
TN9 1BR, or
Freephone 0800 279
ness insurance in this country, Skandia Life
has paid out over £5 million in critical ill-
trate on making a full recovery, instead of
worrying about debt or other money issues. Stuart Smith sorting out cover.
• Given the higher cost at the higher age
0357 ness claims to GPs alone, with the average
payout being £111,000!
Once they have recovered fully, they may al- ranges, it may be necessary to compromise So if you have not yet arranged a critical
so be in a position to consider a change in on the amount of cover arranged. After all, illness policy, or if you think you need extra
lifestyle, or even a reduction in workload. surely some cover is better than none at all cover, you can get a personal illustration and
For those not familiar with it, critical ill- in the event of a serious illness? further information simply by completing
ness insurance usually pays out a tax-free With a contract such as critical illness in- the coupon and returning it to Pulse Inde-
lump sum assuming the policyholder sur- pendent I.F.A.*, 147 Connaught Avenue, Frin-
vives for a short period, typically 14 to 28 ton on Sea, Essex CO13 9RA. Alternatively, e-
days, after being diagnosed with one of the Age next birthday Male Female mail the same details to info
illnesses or conditions covered by the policy. 35 £33.97 per month £37.73 per month @pulseind.co.uk, telephone 01255 672112 or
As its name suggests, the illnesses covered 40 £47.28 per month £49.82 per month fax the details to 01255 677756.
tend to be the more serious ones which are *a trading name of R.J. Hurst and Partners Ltd., authorised and
regulated by the Financial Services Authority
Independent
Please send me a personal quotation and full information on critical illness insurance
Name
Address
Postcode
Telephone (Home) (Surgery)
E-mail Date of birth Male Female
Amount of cover required £100k, £150k, £200k, Other £…
Send your completed coupon to Pulse Independent I.F.A.* 147 Connaught Avenue, Frinton on Sea, Essex CO13 9RA
*a trading name of R.J. Hurst and Partners Ltd, authorised and regulated by the Financial Services Authority
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