Critical or serious illness cover is an important part of protection but in the most part badly advised! is YOU!
Critical or serious illness cover is an important part of protection but in the most part badly advised. The majority of people do not understand at all what they are buying. All critical illness and serious illness products are not the same and differences should be clearly pointed out.
Mr and Mrs H of Newport were quoted by their bank £162 per month for a joint life and critical illness policy to cover their repayment mortgage.
In addition, the Bank's critical illness policy only covered 32 conditions. They are both in their late 40's, on limited incomes making the premium quoted unaffordable. It appeared that no time and thought was given by the Bank to their particular circumstances. This suggests that they were only interested in maximising the sale.
Steve Allen's solution
With affordability being of primary concern I recommended the following;-
- Joint life policy to cover the mortgage
- Joint Level life cover for additional protection
- Serious illness cover to cover 1 year of Mr H's income
- Serious illness cover for one year equal to one year of Mrs H's income
- Serious illness policy covered over 160 conditions
- Total premium £78 per month
A happy client with good, affordable cover.