| There's a new critical illness policy on the market | | | | severe conditions are covered. |
| which attempts to go some way with regard to | | | | A spokesman for one of the specialist financial |
| sorting out the perplexity regarding exactly what is, | | | | advisers welcomed the range of the policy, but |
| and is not, covered when it comes to claiming on the | | | | voiced some concern regarding the implementation of |
| policy. | | | | these severity-based payments, saying that it would |
| Traditional critical illness policies tend to cover up to | | | | be open to argument as to what level of severity |
| 35 listed medical conditions. Policyholders could | | | | some illnesses would be graded as. It was felt that it |
| become seriously ill with a condition that doesn't fall | | | | would not be advisable to enter into this type of |
| into the scope of the policy and find that their illness | | | | policy unless you had a very clear understanding of |
| is not covered, whilst others may be diagnosed with | | | | exactly how it would work. We quote "It will be up |
| a listed illness with a lower "grading" which is relatively | | | | to the consumer to decide whether a guarantee of |
| easily treated, for which they get a full payout. | | | | getting a smaller payment is better than possibly |
| Because of this inequality, the Financial Services | | | | getting nothing." |
| Authority is uneasy with regard to insurers failing to | | | | The cost of this new policy is approximately twice |
| fully understand that cover is restricted to certain | | | | as much as conventional critical illness cover. |
| specific illnesses. | | | | If your main concern regarding insurance cover |
| This new product is marketed by the Prudential, | | | | should you become critically ill would be the financial |
| under the name of the Flexible Protection Plan, and is | | | | outcome, it might be better to consider life insurance. |
| unusual in that it claims to cover an amazing 140 | | | | Particularly, if you have a family to support, you may |
| medical conditions. However, cover is based on the | | | | need something that is going to guarantee their |
| severity of the condition which could possibly cause | | | | lifestyle in the worst case scenario and with the |
| some uncertainty regarding the grading of these | | | | addition of some income protection cover, which |
| illnesses. | | | | would meet outgoings in the event of you becoming |
| This is how the plan works: | | | | unable to work due to illness. This type of cover, |
| Listed in the policy are practically all serious illnesses | | | | unlike the critical illness policy, protects you against |
| and the payout when one these is diagnosed will be | | | | common conditions, which result in you being unable |
| graded according to the severity of the condition. | | | | to carry out your work. |
| The Prudential says that by tying payments to the | | | | The best course of action would be to contact a |
| degree of seriousness of the illness means that more | | | | broker and check out the alternatives. The internet's |
| payments can be offered to people with debilitating | | | | a good place to start and there are some good |
| illnesses, who may otherwise get nothing at all. An | | | | internet discount's available, along with plenty of |
| example of this is that should you lose the sight of | | | | advice. A good broker will be able to compare the |
| one eye; the Prudential policy will pay 25% of the | | | | products available and come up with the right |
| sum assured. Normally, critical illness policies would | | | | insurance product for you. |
| only pay out when total blindness occurs. In all, 140 | | | | |