Now, you’ve decided it’s time to investigate serious illness policies. But where do you start?

Start with Your Financial Broker

The best place to begin is with your Financial Broker. You need to find the absolute best policy to meet your specific needs, and that might not be the cheapest policy available on the market. Numerous features and benefits are offered by different policies, and wading through all the details can be daunting. Your Financial Broker can do this for you, considering several critical factors:

Illnesses Covered

Different policies cover different illnesses. Ensure the policy you choose covers the broadest range of illnesses available, or at least the ones you feel are most crucial to protect against. However, it’s not just about the number of illnesses covered. The definitions of these illnesses need to be carefully examined, as they can vary significantly. Some providers have stricter definitions, requiring the illness to be extremely severe before a claim is paid out, while others pay out earlier in the illness’s progression.

Guaranteed Premium vs. Reviewable Premium

You might come across a policy that is significantly cheaper than others. However, there could be a downside. The cheapest policies are usually reviewable, meaning the provider can increase the premium in the future if their claims experience is worse than expected or if their investment returns are lower than anticipated. It is often worth paying a little more initially for a guaranteed premium policy, which ensures that the cost remains the same throughout the policy’s term. Your Financial Broker is well-versed in examining these details and can quickly identify the best options.

Policy Features

Specified illness policies come with numerous additional features, and finding the right ones for you can be overwhelming. Some features to consider include:

• Permanent Total Disablement: If available, this option pays out if you become permanently and totally disabled, even if the cause is not one of the specified illnesses in the policy.
• Hospital Cash: This feature pays out a certain amount for each day you spend in the hospital due to an accident or illness.
• Indexation: Will your cover remain the same, or will it increase every year in line with inflation?

These are just some of the differences in policies available. To navigate this complex landscape, talk to your Financial Broker.

The Benefits of Professional Guidance

By working with a Financial Broker, you leverage their expertise and experience in the financial markets. They will:

• Evaluate Your Needs: Assess your financial situation, health risks, and coverage needs.
• Compare Policies: Analyse various policies, their benefits, and their drawbacks.
• Ensure Comprehensive Coverage: Make sure you have coverage for a broad range of illnesses with favourable terms.
• Clarify Terms: Explain the fine print, including definitions, exclusions, and conditions of the policies.
• Monitor Changes: Provide ongoing support and updates on any changes in your policy or new products in the market.

Conclusion

Choosing a serious illness policy is a significant decision that requires careful consideration of various factors. By consulting your Financial Broker, you ensure that you find the right policy tailored to your specific needs. They will help you navigate the complexities, ensuring you are well-protected against the financial impact of serious illnesses.