Critical illness policies vary so much from provider to provider and across continents.  A standard critical illness policy in the UK can be very different from an American policy. 

The life insurance industry has always been one where products are offered and you pay a set premium for them depending on your age and state of health.  Have life insurance companies moved with the times though?  Should they be asking what people actually want?  If someone simply wants a policy to cover cancer why can’t they have this policy?  Why do they have to pay for 30 other critical illness definitions they are not interested in?  No wonder critical illness can be a hard sell. 

Maybe life insurance companies need to change the way they offer products.  They have the statistics so why not just offer a menu driven approach so that customers can pay for what they want?  Why can’t someone have a policy that covers them for cancer, stroke and parkinsons disease?  If one life assurance company offered this kind of menu driven approach how much extra business could they pick up just by listening to their customers?

No life assurance company in the world can design the best critical illness policy.  That kind of policy can only be designed by those who will be paying for it so what would you want in your policy?  What ideas could you pass on to make a better policy worth having?  Please leave comments so that we can see how far this could go.