Critical illness is becoming a much more popular form of insurance as it offers protection against death and can provide the policy owner's beneficiary with a cash lump sum that can used for a wide array of needs, occasions and purposes. There are many factors which can affect the amount of the premium we will have to pay each month. Each could affect your premium positively or negatively. Below are a few of the factors and a brief explanation to how each could affect the premium of your critical illness policy.
Honesty: Honesty is a very important aspect when filling out the application form for your critical illness. Any incorrect answers could make the insurance policy void which will then mean your family will not be able to claim the death benefit.
Occupation: Occupation also plays a part in the amount of your premium. If you have a high risk job such as: working on an oil rig, the army or gas industry that your premiums will be made higher as you are risking your life a lot more which means there is a larger chance of something happening to you.
Honesty: Honesty is a very important aspect when filling out the application form for your critical illness. Any incorrect answers could make the insurance policy void which will then mean your family will not be able to claim the death benefit.
Occupation: Occupation also plays a part in the amount of your premium. If you have a high risk job such as: working on an oil rig, the army or gas industry that your premiums will be made higher as you are risking your life a lot more which means there is a larger chance of something happening to you.