Policy details/restrictions

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Policy details/restrictions

Most insurance providers allow people to take out cover between the ages of 17 and 70. It can be for a specified number of years, for example the length of an applicant’s mortgage or for as long as you live. Policyholders, upon taking out cover, usually have to wait before being able to make a claim. (Please check the terms and conditions of cover as these times may vary.)

Many insurers have cut back on the conditions covered or have restricted what is regarded as a critical illness due to the rise in the number of claims. Premiums have also risen by up to 50 per cent and further increases are expected as medical technology develops.

Payouts are only made to those that survive a critical illness or disability, therefore the shorter the survival time required before the policy pays out, the better. Some insurers will pay as long as a policyholder survives a critical illness for a minimum of 15 days.