Summary

Tell the whole truth on your application form. Currently one in four of claims are rejected.

Critical Illness Insurance. Critically important - time to take cover

Author: Michael Challiner

Back in 1999, the Imperial Cancer Research Fund stated that one

Critical illness insurance policies are designed to help you cope with the changes which will be necessary should you be diagnosed with a "qualifying medical condition". Most policies will pay out following a diagnosis of heart disease, cancer, stroke, renal failure, paralysis, major organ transplant and coronary artery bypass surgery as well as a range of other conditions. There is normally a one-off tax free payment which is intended to assist you with costs, typically the need to adapt your home or car or maybe re-train for a different occupation. It's not only the bread-winner that can benefit from this type of cover and you should take account of child care and housekeeping costs which would be involved should Mum be out of action.

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Did you know?
If you are looking for cheap car insurance , then shopping on the Internet is sure to come up trumps. That's why Internet sales now account for 53% of all car insurance. And when it comes to renewal time, remember to shop around again! Don't automatically accept a renewal notice - you may still find it cheaper!

Did you know?
If you can't get home insurance , beware - the Royal Institution of Chartered Surveyors warns that value of your house could fall by 80%. And it's a high flood risk that is most likely to make your house uninsurable. According to a recent report, 6.5 million homes are already at risk from flooding and 1.5 million homes are in areas at high risk. Furthermore, if global warming continues, by 2030 this 1.5 million figure could double.

Did you Know?
Personal secured loans are widely advertised on the Internet but research has found that of those applicants who are accepted, 43% are offered a rate that is higher than the advertised rate (source: Experian, the UK's largest credit reference agency). Therefore, if you're looking for a cheap secured loan, it's probably best to apply through a loan Broker. The Broker will know exactly which lenders will accept your credit history and find you the cheapest possible loan.

Did you Know?
According to Land Registry figures, there has been a huge increase in the number homes sold for £1m plus. Despite what you'd expect, this hasn't caused the scramble for business you'd expect from lenders. Many of them are exercising caution when it comes to the well-heeled mortgage seeker. Surprisingly, the best deals go to the smaller borrower. It seem as if lenders would prefer to lend 10 borrowers £150,000 each rather than one loan of £1.5m, in order to spread the risk.

It is, however, beginning to get easier to get mortgage quotes for high value homes. Recent figures from the Land Registry show a massive increase in the sales of million pound plus properties.

Did you Know?
Over recent years, the cost of moving house has risen at more than twice the rate of house price inflation. The main offender has been stamp duty.

Today, a move from the average semi worth £174,750 to an average detached house costing £293,250, will cost some £12,500. Five years ago the same move would have cost just £4,500. These costs include Land Registry costs, local authority searches, estate agents, solicitor's fees, and of course, stamp duty. This means that house moving costs have increased by 176% whilst house prices have themselves risen by 70%.