The cost of critical life insurance in the United Kingdom has risen in the past months, which means that certain people will be unable to purchase the cover or will have to pay much more to get this type of protection.
Industry experts are concerned that the cost of CI protection might soon become equal to or even exceed the cost of life cover.
Providers of health protection say that they've faced an increase in the number of eligible claims and that it why they were obliged to increase the cost of cover. For instance, Legal & General increased the premiums by 19%, whereas Swiss Life - by 24%. Others, such as Norwich Union and Liverpool Victoria introduced more radical changes in prices as critical life cover became more expensive by 60%.
Certain providers said that they plan to either increase the cost of CI protection in the near future or even to withdraw this product from their list.
Another possible move that might be introduced by insurance companies is revision of critical life definitions.
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Life Insurances’ little brother is taking a hit it seems.
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