Guaranteed critical illness rates have generally increased over the last two months but there is still no sign of the market making the "seismic changes" predicted last year, according to Lifesearch.
Details of the fourth quarterly Lifesearch Protection Report looks at the current status of the CI market and suggests most providers have increased their premium rates slightly, even though other products elsewhere still have much lower prices.
A table of critical illness providers gives a brief summary of current terms they offer and how they might also change over the last three months.
Evidence presented by Lifesearch shows a life policy costing £30 per month in 1999 would today cost nearer £22. A guaranteed rate critical illness policy, however, has rocketed over the same period as its price crossed with that life premium in 2002 from around £22 over the same period to nearly £36.
Looking at other products in the protection market, Lifesearch also points out many more people are also likely to buy lump sum life cover because the consumer is more likely to buy a product they known something about over income protection and family income benefit, which they never have heard of.
To try and counter this problem, Lifesearch has presented details six things a consumer should know about buying life cover.
The report also explains the difference and advantages between life cover and income protection, and suggests which clients and circumstances each product would best suit.
Contact Lifesearch for a copy of the Protection Report.IFAonline
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