That does not mean a more expensive policy is automatically better. It means price needs to be considered alongside the financial job you want the cover to do.
Check that you are comparing the same thing
Start with the amount of cover, its duration and who is insured. Then consider the payment structure. A lump sum and an income for a remaining term meet different needs, even when their monthly premiums look similar.
For income protection, the period before payments start and the length of time a claim can pay are separate choices. A cheaper quote may reflect a different choice on either one. It is worth understanding the gap you would need to fund yourself.
Read the claim definition
Critical illness policies name conditions and define the circumstances in which those conditions qualify. The number of conditions listed cannot explain all those differences. With income protection, the policy's definition of being unable to work matters too.
An adviser should explain the details relevant to the recommendation without expecting you to become a policy-wording expert.
Ask what remains after a claim
If life insurance and critical illness benefits are linked, a payout can change the cover left in place. Ask for a clear explanation of the arrangement: what pays first, what ends and what remains?
This is particularly useful when you want protection both for the financial effects of illness and for your family after death.
Put the extras in context
GP services, second opinions and other support may be valuable. They should sit alongside a suitable core policy. Ask whether the benefit is included, costs extra, has usage limits or could be withdrawn.
Five questions to bring to a conversation
- What financial need is this policy intended to meet?
- Which differences influenced the recommendation?
- What would I be giving up with the cheaper option?
- What could prevent or limit a claim?
- What cover would remain after a payout?
We use the advice conversation to work through those questions against your circumstances and budget. You should leave understanding why the recommendation makes sense, rather than simply being told it is the best.
Related: Critical illness cover; Income protection; Life cover after a critical illness claim.