Critical Illness Cover - Hot Topics Q&A

Q. I want to increase my critical illness cover as we have moved into a bigger home due to the birth of our second child. Should I top up my existing policy or take out a new plan?

A. It is very important to get this right, and like so much in life it depends. If we presume you are fit and well, then the first thing to ask is when you started your existing plan. If it was before 2002, then policy conditions at the time were often more generous than they are now. However these conditions, depending on the company, may still not be as comprehensive as the best available now.

Then of course what do these policies cost?

Considering these issues, you should get quotes for an increase in the amount AND for a new policy altogether. You may also want to consider applying for cover individually as the additional price compared to a joint policy is often not too much.

Note - If you have had health issues since the inception of the policy which may affect you obtaining cover, then check if the existing policy has a medical free increase of cover facility. This allows you to increase your protection by, say 25%, in the event of a bigger mortgage and/or the birth of a child.

If you've got a question you'd like to ask us just complete the form here and we'll get back to you with an answer (if we publish it we'll keep your name anonymous).