How Much Does Critical Illness Insurance Cost?

Critical illness insurance is available to almost anyone over the age of eighteen years old. It can have many different reasons as to why the price of the policy may vary. There is generally no set cost as to how much you will pay as it all depends on your personal circumstances. There is however a guideline and basic premiums that are on offer for people that have no issues with their health. These of course are available subject to the personal information of the applicant being underwritten. Some of the factors that can affect a premium of a critical illness insurance policy are:

Age a client may be considered to be more susceptible to developing a critical illness at an older age rather than someone that is of a younger age. They may also be given a maximum age limit as to how old they can be before the insurance stops, wont cover them anymore and wont take them on due to their age. Each company that offers critical illness insurance varies so the ages of cover may rise and fall dependant on the provider.

Sex typically at the moment premiums are higher for men as apposed to women because statistics confirm that men are more likely to develop a critical illness than a woman. Research and studies have confirmed that men are more likely to have a heart attack or stroke in comparison to women.

Occupation there are many hazardous jobs that can affect an insurance policies premium. It could be a dangerous risky job or it could be something that involves a lot of travel or driving. A good example of occupations that can affect a critical illness insurance plan could be a pilot, someone that works on an oil rig or perhaps a small fishing boat.

Hobbies these can affect an insurance premium because diving or motor sport racing do not come without their risks. This enables the insurance company to consider any risk and increase the premium where necessary; they may also dependant upon the occupation feel it necessary to exclude certain parts of the policy due to the applicants job title.

Alcohol intake this can potentially cause a threat to the internal organs dependant upon the amount of alcohol consumed such as the liver and other organs, therefore posing a threat for later on in life. This is a question that an insurance company would be concerned about and dependant upon the levels the individual consumes there may be an increase in premium or an exclusion put in place.

Usage of tobacco products this is very similar to alcohol intake and can have similar effects just on the respiratory system and other parts of the body. Again this is a cause for consideration for a company that is offering critical illness insurance.

Trips abroad there are certain countries such as parts of India, Africa, South America and some parts of the far east, that can have an affect on an insurance policy for critical illness. This is because they often hold diseases that can be picked up and affect travellers that have been their. If an applicant has been to one of these countries typically the insurer may request blood and other tests to confirm they are free of infections and diseases.

Medical history this plays an important role on the outcome of an application for critical illness. Dependant upon what is disclosed; this is the determining factor on what the premium will be. In some cases the premium can be standard, but for illnesses that have already occurred the premium may be rated (increased) as a result.

Family history this is important as often conditions can be genetic and therefore they may be passed down to the person who is applying for the policy. Typically the family history of cancers, heart attacks etc is established at the time of the application.