Life Insurance And Critical Illness Insurance. Cancer Tests To Increase Women's Premiums
In recent years, there has been a rise in the number of cancer tests for women. These tests are not only expensive for the insurance company to administer, but they also increase premiums sharply.
Here is what you need to know about life insurance and critical illness insurance.
Cancer Tests To Increase Women's Premiums
Women have a 50% higher chance than men of suffering from cancer, which makes them more likely to take out a critical illness policy. However, the cost of these policies has risen due to a number of factors such as doctors being encouraged to test for more types of cancer and women taking part in more health checks.
A Cancer test is one of the main reasons for the increase in premiums. In recent years, women are increasingly taking out life insurance when they are tested for breast cancer through breast self-examination and mammography. The high cost is because the insurance companies must cover the cost for these women to have regular check-ups and tests. In the UK, just over 8% of women have a breast cancer diagnosis and approximately 3% have a diagnosis of ovarian cancer.
While the British government states that it will not remove any benefits from women due to their health problems, the insurance companies can charge them for the tests. The illness must be linked to one of three conditions to qualify for life insurance: heart disease, cancer or stroke. So while over 80 million men take out critical illness life insurance, less than half of this number is women.
Cancer Tests To Increase Women's Premiums By Over 50%
It has been suggested that there are more types of cancer than ever before, meaning there is more demand on expensive test facilities and more research. The result is that a number of tests are now being carried out for these illnesses, which means more of them will be eligible for critical illness insurance. It is predicted that life insurance premiums will rise by nearly 50% in the year 2020.
For women over sixty-five the premium increase could be as much as £600 a year. Women who have a family history of cancer could see their premiums rise by almost £1,000 a year. It has been found that one in four women aged between 60 and 69 are interested in taking out an extra policy to cover monthly payments in case they are diagnosed with cancer or other illnesses causing death after the age of 65.
It is important to know that women are taking out critical illness policies and more are expected to do so when they reach a certain age. Young women have also started to take out life insurance even though they have no risk of heart disease or stroke. This has been partly prompted by an increase in breast cancer claims. The change means that almost half of all critical illness policies are now taken out by women, which is around 6 million policies.
How Can You Pay Less For Life Insurance And Critical Illness Insurance?
It is important that people looking into making a claim on their life insurance should always check the small print before agreeing to any deals. The most obvious way to try to save money on life insurance is to buy a policy with the right cover in the first place.
It is also important that applicants are aware of what they can do to pay less for critical illness insurance. Other things that could help are to look for policies which offer an income benefit, or pay out a lump sum instead of monthly payments; these will be cheaper than taking out a policy which covers the full cost of your care as you age. As does looking at companies financing policies where no payment is required. This will save you money because they don't have to pay you anything while you wait for the policy benefits.
Why Are Life Insurance And Critical Illness Insurance Policies More Expensive?
Most people take out life insurance because they are concerned that they might not survive until retirement. It is a good idea to take out life insurance in order to prepare for this eventuality, but the increase in the number of conditions which are covered by critical illness plans has helped to push up premiums. The amount paid out will be determined by how likely you are to die as a result of the illness, and that depends on how many people get it.
The cost of critical illness insurance is also set by the health problems which make you more likely to die from them in the first place. The bigger a health problem, the higher the cost of the policy.
What Are The Sources For Life Insurance And Critical Illness Insurance?
It is important that you are aware of where to look for life insurance and critical illness insurance. These are available through most banks and building societies, but also through some travel agents and supermarkets. You could also get a quote directly from an insurance company, although you will need to be careful because they may try to confuse you with all their different deals and sales techniques.
Where To Find Life Insurance And Critical Illness Insurance?
Life insurance is available through most banks, building societies and post offices. However, some policies are only available through the insurance company itself. This can be a good way to check the details of plans and make sure that you get the best deal. The best way to find out more is by going directly to a company or calling their customer service number.
Getting A Quotable Life Insurance Quote
The main source for life insurance quotes is your existing bank or building society, because that is where they get their prices from. However, if you have specific requirements for your policy, then it may be better to go direct to an insurance company instead. You should also compare up-to-date quotes with other offers from different companies before making up your mind about which one you would like to take out.
What Are The Different Types Of Life Insurance? There are several different types of life insurance, including a whole life policy which involves paying into the policy until you die. People who are thinking about making a claim on their policy should consider this to be more expensive than lump sum and income policies. Another common option is an endowment policy where the premiums are used to build up a fund which is then used to pay out when you die. You can also have an investment-linked insurance plan, which is very similar to an endowment policy but will give you extra tax benefits if you invest in it through your pension plan.
Another option is a savings-linked insurance plan, which has been designed for people who may not have the money to pay for a full policy. It works by paying out if you don't have enough money in the end. Life insurance is not compulsory, but it can be useful in certain situations. If you take out a policy then it is worth comparing up-to-date quotes from different providers to make sure that you get the best deal. It is important to check exactly what your potential claim will be before making any commitments to buy an expensive policy.
Conclusion To Life Insurance And Critical Illness Insurance
Life insurance and critical illness insurance are protection plans which can help your family if you die. However, it is important to know that critical illness policies do not protect your income, something that most people want. The cost of life insurance and critical illness insurance has risen dramatically in recent times because more illnesses have become eligible for claims. Women make up the majority of policyholders and this means that anyone thinking about making a claim should read the small print before agreeing to any deal.
Apart from the cost, there are several other things which could stop you from making a claim on your policy; it is important to be aware of any exclusions before getting too involved with buying a plan.