Updated: August 05, 2019

Critical Illness Cover Advice

Considering critical illness cover for your business? In this article we'll explain why seeking the right advice will make the best use of your investment

Get Started
Ask Us A Question

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in critical illness cover. Ask us a question and we'll get the best expert to help.

FCA Logo
1 of 2
2 of 2 Send!

No impact on your credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: August 05, 2019

If you’re thinking of taking out critical illness insurance, you’re probably wondering where to turn for the right advice and what to look for in a broker.

Like any other financial and insurance product, if you select the right option then – should you ever need to use your insurance – it can become an excellent investment. However, if you make a mistake on your form, select the wrong cover or omit something important, you could find your years of insurance premiums have gone to waste.

To make sure that doesn’t happen, it’s always a good idea to take professional advice so you can be confident you’re selecting the right critical illness cover for the best price.

For advice tailored to your personal and financial circumstances, call us on 0808 189 0463 or make an enquiry. We’ll then put you in touch with one of the experts we work with.

How will an advisor help me find the best critical illness cover?

Critical illness cover advisors are qualified financial professionals who understand the important details about insurance cover. They can help you with everything relating to taking out critical illness cover, including what illnesses are covered under it and how much you cover need.

First of all, an advisor will discuss with you whether need to take out critical illness insurance cover. They will then advise you what different levels of cover there are, from the most comprehensive critical illness cover to policies that may cover fewer critical illnesses, but may still be adequate for your specific needs.

They can find the right provider for your needs and circumstances

Once you’ve decided on what level of insurance you need under critical illness cover, they can give you different options from a range of insurers and can always work to your budget. Because they have easy access and even some existing relationships with critical illness insurers, they know which providers would be the best option for your needs.

They can help you with your application

Once you’ve made a decision on the right critical illness insurance policy for your needs, your advisor (also known as a broker) will take you through the application process and help you fill out the paperwork. This part is very important as if you omit some information, you could invalidate your policy and when it comes to making a claim the insurer could refuse.

In short, a good critical illness cover advisor, like those we work with, will take you through every step of choosing and buying the right cover for your needs. Make an enquiry to get started.

Speak to an expert today

Get Started

What critical illness insurance advisors do

As we’ve detailed above, a critical illness insurance broker’s job is to help you understand exactly what the insurance is for, if and why you need it, and to make sure you buy the right cover for your circumstances.

Even if you have an excellent grasp of insurance and financial services products, if you have never had critical illness cover before, it’s something that even the most financially savvy among us could do with some help understanding. You might only need a single initial consultation, or you could need a number of meetings and discussions.

Whatever level of advice you need, speaking with a fully qualified and experienced critical illness insurance cover advisor is the best option.

Broker fees for critical illness insurance

While most insurance brokers won’t charge a fee, some may. It’s usually at the discretion of the broker and they are within their rights to charge a fee if they wish.

It’s payable in three ways:

  • Full Indemnity: All the commission is taken at once.
  • Non-Indemnity: The fee is taken out monthly, typically over a period between two to four years. Brokers earn more this way because interest is paid on it.
  • Sacrifice: Brokers can opt to reduce the amount of commission they’d receive (up to 100% if they wish) in order to reduce the monthly premium for the client.

If you do take out a policy with broker fees and you decide to stop or cancel it within two to four (depending on the provider) and the commission was taken on full indemnity, then the insurer can do a pro-rata clawback of the commission.

For this reason, many brokers (if it’s a sizeable commission) take it on non-indemnity. That way, it just stops being paid each month.

Speak with a critical illness insurance broker

If you want to find out more about critical illness insurance cover but aren’t sure where to start, then give us a call on 0808 189 0463 or fill in our online enquiry form.

Then, you can just sit back and relax while we do all the hard work of finding the right critical illness insurance cover advisor for your needs.

Ask a quick question

We can help! We know everyone's circumstances are different, that's why we work with brokers who are experts in critical illness cover. Ask us a question and we'll get the best expert to help.

FCA Logo
1 of 2
2 of 2 Send!
Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

Get Started