Critical Illness Cover questions to ask broker

Hi,

Quick question, we closing on the purchase of a house, we have mortgage protection in place but are considering critical illness cover. We have been bombarded with information from the broker, one pack contains approx 55 pages of info. Its alot of money to be forking out a month so we want to make sure we get the right cover. What are the essential questions I need to ask the broker to decide whats right for us, do I have to be as specific as what types of cancers are covered etc? Thanks.

Ouch at 55 pages.

To be honest most companies cover the same illnesses, there are slight differences between companies but seeing as heart trouble and cancer get most of us in the end then every company should pretty much cover you.

If I were you, I'd ask for the cheapest price and look at that company's literature. If you are happy with the cover go with them, if you spot something that you feel you should be covered for and wouldnt be then ask if another company will cover it.

Its easy for some companies to say they cover more illnesses than others but if one of the illnesses requires you to walk barefoot in an amazon rain forrest to catch it then it having cover for it wont be a relevant benefit most people.

My 2 cents.

If you're going with CI cover look at Eagle Star/Zurich. They have the best list of illnesses and are usually one of the cheapest. Did the broker offer income protection? If you can get it and its reasonable I would usually take IP over CI cover (good thing about IP is that it covers any illness so you don't have to fight it out with the company). Remember, the two biggest reasons people can't work is due to depression and back problems, CI cover won't cover this IP will. You also get tax relief on IP premiums. Best of luck with your new house.