As with most products and services today, the correct critical illness insurance comparison can save you a lot of money on your monthly outgoings. In fact, by choosing the right cover, you could not only reduce the cost of the insurance itself but also obtain better coverage than you may find possible if you go to your traditional insurance provider.

When you are comparing critical illness cover, follow these simple steps to make sure you are happy with the end result:

Be Certain Of Your Provider

Make sure that you are signing up with a bona fide provider who is affiliated to the correct association. For critical illness cover in the UK, this should be the Association of British Insurers.

Make Sure You Are Always Protected

If you are changing providers, ensure that your new policy is in place before cancelling any existing protection so that your cover is continuous.

Draw a Fair Comparison

Ensure the products you are comparing are equal. Though some critical illness policies may be significantly cheaper this could be due to the provision of weaker protection. When comparing two products make sure they offer equivalent levels of cover and that you are comparing ‘like for like’.

Get Your Sums Right

Assess how much cover you will need and then only take out the protection that offers a suitable level of return. This could be an amount to repay your mortgage, outstanding debts or, could be sufficient funds to maintain your lifestyle during your illness. Too much cover will result in increased premiums. Insufficient cover will leave you vulnerable at the worst possible time.

Read The Small Print

All policies are different. There are Seven Core Conditions set out by the ABI (Association Of British Insurers) which should always be included in a critical illness policy. These are kidney failure, major organ transplant, multiple sclerosis, heart attack, cancer, coronary artery bypass and stroke.

However details of additional illnesses covered can be found in the terms and conditions. Read them carefully and understand what is included in your policy and, more importantly, what is excluded.

Understand The Terms

It is usual for critical illness cover to be provided to adults until the age of 65 or 70 however the term of protection can vary. Make sure you understand how long your protection will last before you sign up and if any serious illness are removed from your policy once you reach a certain age.

Affordability

Critical illness protection is a continuous commitment to provide financial security to you and your family if you become seriously or critically ill. Though this can provide invaluable support when the worst happens, if you default on the payments, such benefits will not be open to you. So make sure you choose a critical illness policy that you can afford both now and in the future.

Shop Around

An extensive comparison of critical illness providers doesn’t have to be difficult. Use an independent insurance broker or online comparison site that will clearly illustrate the benefits and costs from a range of different providers. The greater the number of companies including on the site, the greater the chance you have of finding the product that will suit you.

Author Bio: Steven Keogh is the founder of FriendlyFinance.co.uk and has been working in the finance and insurance industry since 2008. He has worked closely with many different independent insurance brokerages which has given him an extensive range of knowledge and experience which he is happy to share by writing interesting and informative articles on behalf of several different companies.