Do you need critical illness insurance? What to look for and what to avoid.
Critical illness insurance is designed to pay out if you become seriously ill, but it can be expensive. But is it worth it?
Women are more likely to suffer from a serious illness than men and a serious or life-threatening illness can have can have devastating consequences on your finances. Critical illness insurance, which pays out a tax-free lump sum if you’re diagnosed with a serious illness, might seem like the answer. These policies can be expensive, but opting for the cheapest one may not be give you the cover you want. If you’re going to buy critical illness insurance, My recommendation is to take advice from a broker or adviser who specialises in this market.
EU gender rules could increase the cost of some insurance and reduce the price of others
Life insurance could become more expensive for women after December, but income protection could come down.
From December 21st (2012), insurance companies will no longer be able to take gender into account when working out insurance premiums. It applies to several types of insurance, from car insurance to life insurance, critical illness insurance and income protection insurance. It could mean that life insurance costs for women rise in the future, but other insurance, such as income protection could come down in price.
Which? and Moneysavingexpert say people shouldn't use claims companies for PPI.
There are hundreds of claims management companies that say they can get PPI compensation, but you could lose a quarter of your money.
New figures from Which? and MoneySavingExpert.com reveal that consumers are turning to claims management companies because they don’t know how to claim back mis-sold payment protection insurance themselves for free. The survey also found that 25% didn’t know that claims management companies normally took a fee (often 25% plus VAT). So how easy is it to claim and what are the pitfalls to look out for?