Personal Factors Affecting The Cost Of Critical Illness Insurance
In addition to the policy factors you have control over there are number of personal factors that will also affect the cost of your Critical Illness Insurance.
Some are more obvious than others and some you can control whereas others you can’t. We’ve outlined these below.
It Is More Expensive The Older You Are
Sadly yes, your age will affect how much you pay for Critical Illness. This is because with every year you get older, there is a higher risk of becoming seriously ill. Due to this higher risk insurers will charge older people more than those that are younger.
Based on this, the cost of covering a £200,000 for our 30 year old goes from £29.56 a month to £64.82 for a 40 year old wanting the same cover.
Your Health Can Affect How Much You Pay For Critical Illness
When you take out a Critical Illness policy, insurers will look at your medical history to determine what cover they can offer, if any, and at what cost.
If you do have a known pre-existing medical condition which is life-limiting or that affects your health, providers will tend to:
- Provide cover but with increased premiums
- Exclude the condition you suffer from but offer discounted premiums
- Cover you without any exclusions and no premium loading.
Not all providers will class pre-existing health conditions in the same way, which is why it’s best to speak with an expert such as one of the team here at Drewberry.
We can review the whole market to ensure you get cover tailored to your particular circumstances and the best bit is we offer a fee free service.
Just pop us a call on 02084327333 or email email@example.com.
Smokers Pay A Hefty Premium
Whether you smoke cigarettes, use vapes or are trying to give up and using patches, you can expect to pay more for your Critical Illness.
This is because the majority of insurers class anyone who has consumed nicotine in any form in the last 12 months, as a smoker due to the health risks associated with it.
Will Quitting Nicotine Reduce Premiums?
If you give up smoking and can prove to an insurer you haven’t consumed any nicotine within the last 12 months, your smoker status can be changed to ‘non-smoker’ and as a result your premiums will reduce.
Hazardous Hobbies Come At A Cost
Do you enjoy off-piste skiing or exploring the worlds oceans with a bit of deep sea diving? If you do you could find yourself paying more for your Critical Illness policy than someone who takes part in less extreme hobbies.
Why? By taking part in such hazardous activities insurers are likely to class you as being higher risk than someone who doesn’t and charge you an additional premium.
- Big wave surfing
- Off-piste skiing
- BASE jumping
- Free climbing
- Scuba diving
- Hand gliding
Each provider will have a different take on how they view hazardous sports, because of this it’s always a good idea to speak with an expert such as one of the team at Drewberry.
Don’t hesitate to get in touch if you do have any questions just pop us a call on 02084327333 or email firstname.lastname@example.org.