What information will I receive from providers?

When you take out a critical illness insurance plan, you will receive a host of paperwork. Resist the temptation to simply glance at it then file it away and forget about it.

Checking the details is crucial to ensure you get the cover you think you're buying!

Below is a short list of some of the items you can expect to get in the post when you put your policy together. They might have different names depending on which provider you use but all of the information should be there in some form.

A Personal Illustration

 

Your personal illustration shows the premium you have to pay for the cover you require and the term of the plan.It should also outline what type of cover is being selected, i.e. basic or comprehensive.

Policy Summaries

Summarises the policy document. This includes the two important sets of information, a list of illnesses covered and the criteria that have to be met before the insurer will pay a claim.

Policy Document

This will cover the same details of the policy summary but in greater depth.This is a standard document that will normally cover the small print (terms and conditions) of the policy. Whilst it makes for pretty boring reading, it's important that you understand exactly how your policy works.

Key Features document

This document is a requirement of the FCA. It sets out features, benefits and exclusions on the policy. If you have any queries about these you should ask the adviser you are dealing with or the provider to explain the cover in more detail.

Illnesses Covered Guide

In addition to the policy summary and policy document many providers now send you a plain English guide to the illnesses covered.

 

The good news is that once you're on top of all of this information you can file it away and forget all about it, leaving you free to enjoy the security of your policy.

To research your critical illness position further you can use our exclusive interactive research tool, the critical illness finance navigator.

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