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Premium member Presentation Transcript Critical illness insurance Pros and Cons : Critical illness insurance Pros and Cons On diagnosis of a life threatening illness, critical illness insurance will pay out a tax free lump sum which can give the policy holder a welcome financial boost. : On diagnosis of a life threatening illness, critical illness insurance will pay out a tax free lump sum which can give the policy holder a welcome financial boost. This type of insurance can be taken out separately or alongside a traditional life insurance policy. : This type of insurance can be taken out separately or alongside a traditional life insurance policy. However taking out critical illness insurance has both advantages and disadvantages. : However taking out critical illness insurance has both advantages and disadvantages. Advantages : Advantages • A tax free lump sum - is paid out within 30 days of diagnosis of a life-threatening illness meeting the specified criteria. : • A tax free lump sum - is paid out within 30 days of diagnosis of a life-threatening illness meeting the specified criteria. This can be used in whatever way you see fit and often the policy holder will take out critical illness insurance to cover mortgage payments. : This can be used in whatever way you see fit and often the policy holder will take out critical illness insurance to cover mortgage payments. • Up to 30 diseases covered – generally all critical illness insurance policies will cover 7 core conditions including cancer, strokes, heart attacks, major organ transplants, kidney failure, multiple sclerosis and coronary artery bypass. : • Up to 30 diseases covered – generally all critical illness insurance policies will cover 7 core conditions including cancer, strokes, heart attacks, major organ transplants, kidney failure, multiple sclerosis and coronary artery bypass. Any additional illnesses covered will be detailed in the key features document provided by the insurer. : Any additional illnesses covered will be detailed in the key features document provided by the insurer. : • Protection for dependants - Critical illness insurance is considered almost essential for those who have dependants. : • Protection for dependants - Critical illness insurance is considered almost essential for those who have dependants. Most insurance providers understand the need to protect your family and many now offer automatic critical illness cover for children. : Most insurance providers understand the need to protect your family and many now offer automatic critical illness cover for children. • Guaranteed premiums – Whilst reviewable premiums tend to be cheaper in the offset guaranteed premiums means the amount you pay never chances. : • Guaranteed premiums – Whilst reviewable premiums tend to be cheaper in the offset guaranteed premiums means the amount you pay never chances. This can prove advantageous for those who develop medical conditions later on in life. : This can prove advantageous for those who develop medical conditions later on in life. • Peace of mind – Critical illness cover can provide those with a young family or dependants with the peace of mind that in the eventuality that they can no longer work, they will be covered. : • Peace of mind – Critical illness cover can provide those with a young family or dependants with the peace of mind that in the eventuality that they can no longer work, they will be covered. This allows for stress free recovery time and make sure that the dependants lifestyle will not have to suffer. : This allows for stress free recovery time and make sure that the dependants lifestyle will not have to suffer. Disadvantages : Disadvantages • Extra costs – Generally the more illnesses covered the higher the premiums. : • Extra costs – Generally the more illnesses covered the higher the premiums. However by selecting to use an insurance broker customers can compare a range of quotes from separate companies to try and find the best deal : However by selecting to use an insurance broker customers can compare a range of quotes from separate companies to try and find the best deal • Limitations of disease cover - Since the introduction of new regulations in May 2003 certain diseases such as lymphoma are no longer covered by critical illness insurance, however companies like Prudential now offer more comprehensive life insurance policies. : • Limitations of disease cover - Since the introduction of new regulations in May 2003 certain diseases such as lymphoma are no longer covered by critical illness insurance, however companies like Prudential now offer more comprehensive life insurance policies. • Existing medical conditions – Should close family members have any pre-existing medical conditions, this may affect the premiums of your life insurance, Additionally if the customer themselves has any medical conditions this will also have an effect. : • Existing medical conditions – Should close family members have any pre-existing medical conditions, this may affect the premiums of your life insurance, Additionally if the customer themselves has any medical conditions this will also have an effect. Although there are disadvantages to taking out a Critical illness insurance policy the pro’s far outweigh the cons and for those who have a young family this type of cover is particularly vital. : Although there are disadvantages to taking out a Critical illness insurance policy the pro’s far outweigh the cons and for those who have a young family this type of cover is particularly vital. Critical illness cover can therefore give the policy holder the peace of mind that they will be covered and be able to provide for there family in every eventuality. : Critical illness cover can therefore give the policy holder the peace of mind that they will be covered and be able to provide for there family in every eventuality. Critical illness insurance Pros and Cons : Critical illness insurance Pros and Cons You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.
Critical illness insurance Pros and Cons KellyShultis Download Post to : URL : Related Presentations : Share Add to Flag Embed Email Send to Blogs and Networks Add to Channel Uploaded from authorPOINT lite Insert YouTube videos in PowerPont slides with aS Desktop Copy embed code: (To copy code, click on the text box) Embed: URL: Thumbnail: WordPress Embed Customize Embed The presentation is successfully added In Your Favorites. Views: 242 Category: Business & Fin.. License: All Rights Reserved Like it (0) Dislike it (0) Added: April 18, 2010 This Presentation is Public Favorites: 0 Presentation Description No description available. Comments Posting comment... Premium member Presentation Transcript Critical illness insurance Pros and Cons : Critical illness insurance Pros and Cons On diagnosis of a life threatening illness, critical illness insurance will pay out a tax free lump sum which can give the policy holder a welcome financial boost. : On diagnosis of a life threatening illness, critical illness insurance will pay out a tax free lump sum which can give the policy holder a welcome financial boost. This type of insurance can be taken out separately or alongside a traditional life insurance policy. : This type of insurance can be taken out separately or alongside a traditional life insurance policy. However taking out critical illness insurance has both advantages and disadvantages. : However taking out critical illness insurance has both advantages and disadvantages. Advantages : Advantages • A tax free lump sum - is paid out within 30 days of diagnosis of a life-threatening illness meeting the specified criteria. : • A tax free lump sum - is paid out within 30 days of diagnosis of a life-threatening illness meeting the specified criteria. This can be used in whatever way you see fit and often the policy holder will take out critical illness insurance to cover mortgage payments. : This can be used in whatever way you see fit and often the policy holder will take out critical illness insurance to cover mortgage payments. • Up to 30 diseases covered – generally all critical illness insurance policies will cover 7 core conditions including cancer, strokes, heart attacks, major organ transplants, kidney failure, multiple sclerosis and coronary artery bypass. : • Up to 30 diseases covered – generally all critical illness insurance policies will cover 7 core conditions including cancer, strokes, heart attacks, major organ transplants, kidney failure, multiple sclerosis and coronary artery bypass. Any additional illnesses covered will be detailed in the key features document provided by the insurer. : Any additional illnesses covered will be detailed in the key features document provided by the insurer. : • Protection for dependants - Critical illness insurance is considered almost essential for those who have dependants. : • Protection for dependants - Critical illness insurance is considered almost essential for those who have dependants. Most insurance providers understand the need to protect your family and many now offer automatic critical illness cover for children. : Most insurance providers understand the need to protect your family and many now offer automatic critical illness cover for children. • Guaranteed premiums – Whilst reviewable premiums tend to be cheaper in the offset guaranteed premiums means the amount you pay never chances. : • Guaranteed premiums – Whilst reviewable premiums tend to be cheaper in the offset guaranteed premiums means the amount you pay never chances. This can prove advantageous for those who develop medical conditions later on in life. : This can prove advantageous for those who develop medical conditions later on in life. • Peace of mind – Critical illness cover can provide those with a young family or dependants with the peace of mind that in the eventuality that they can no longer work, they will be covered. : • Peace of mind – Critical illness cover can provide those with a young family or dependants with the peace of mind that in the eventuality that they can no longer work, they will be covered. This allows for stress free recovery time and make sure that the dependants lifestyle will not have to suffer. : This allows for stress free recovery time and make sure that the dependants lifestyle will not have to suffer. Disadvantages : Disadvantages • Extra costs – Generally the more illnesses covered the higher the premiums. : • Extra costs – Generally the more illnesses covered the higher the premiums. However by selecting to use an insurance broker customers can compare a range of quotes from separate companies to try and find the best deal : However by selecting to use an insurance broker customers can compare a range of quotes from separate companies to try and find the best deal • Limitations of disease cover - Since the introduction of new regulations in May 2003 certain diseases such as lymphoma are no longer covered by critical illness insurance, however companies like Prudential now offer more comprehensive life insurance policies. : • Limitations of disease cover - Since the introduction of new regulations in May 2003 certain diseases such as lymphoma are no longer covered by critical illness insurance, however companies like Prudential now offer more comprehensive life insurance policies. • Existing medical conditions – Should close family members have any pre-existing medical conditions, this may affect the premiums of your life insurance, Additionally if the customer themselves has any medical conditions this will also have an effect. : • Existing medical conditions – Should close family members have any pre-existing medical conditions, this may affect the premiums of your life insurance, Additionally if the customer themselves has any medical conditions this will also have an effect. Although there are disadvantages to taking out a Critical illness insurance policy the pro’s far outweigh the cons and for those who have a young family this type of cover is particularly vital. : Although there are disadvantages to taking out a Critical illness insurance policy the pro’s far outweigh the cons and for those who have a young family this type of cover is particularly vital. Critical illness cover can therefore give the policy holder the peace of mind that they will be covered and be able to provide for there family in every eventuality. : Critical illness cover can therefore give the policy holder the peace of mind that they will be covered and be able to provide for there family in every eventuality. Critical illness insurance Pros and Cons : Critical illness insurance Pros and Cons