Like all other types of insurance, critical illness insurance providers will analyse these factors closely in order to judge the risk of a claim being made against the cost of the customers insurance premiums.
Although there are several different types of policy that are offered by insurance providers, agreements are usually divided into two distinct categories.
Reviewable premium agreements are perhaps the more common form of policy offered by providers. Under the terms of this agreement, premiums will be subject to a review every 5 years by the insurer, who will assess any changes of circumstances and then recalculate the cost of the insurance.
A Guaranteed policy will ensure that premiums remain the same for the duration of the agreement. This agreement is usually more expensive initially, but far more efficient in the long term.
Although there are a number of different critical illness providers that may each offer highly competitive insurance quotes, it is important to remember that these initial quotes will often only be an estimate and therefore should not be considered as final.