Richard Branson’s latest launch, the Big V Cancer Cover has been taking some flack from other insurance providers, who rightly say that when comparing prices, he is not comparing like with like. In a report in the Telegraph, HSBC are quoted as saying:
the price of a cancer-only policy with that of a full life and critical illness policy is like comparing “third party fire and theft” with “fully comprehensive” car insurance.
As with a lot of things, you get what you pay for. This type of policy is more affordable than standard critical illness insurance, but it will not cover you for all the illnesses that critical illness will.
Standard Life has also criticised the plan for the way it pays out in stages, stating that it pays out 100% of the sum insured in 90% of the cases of early cancer where the Virgin plan only gives 10%.
And… the premiums with Virgin Cancer Cover are reviewable, which means that Virgin can decide to put them up in 5 years time. With other life insurance and critical illness policies you can ask for guaranteed rates which will stay the same for the term of the policy.