Why should I review my current Critical Illness policy?

The improvement of policy conditions:

Every year new medical treatments are created and at the same time, new illnesses are being recognised by insurance companies as ‘critical’. Critical Illness policies used to cover only the main illnesses such as cancer, heart attack and stroke, but now there are a huge range of illnesses that are considered to be 'critical'. We recommend that you check your existing policy because it could be well out of date.

Changes in your own circumstances:

If you bought your critical illness insurance years back then it's very likely that you personal situation will have changed. Have you re-mortgaged since buying the policy? Has your job situation changed? Do you now run your own business? Are you earning more or less than when you bought the cover? Do you have a family now that would benefit from a larger payout?

General economic changes:

Inflation will make your money mean less in the long term, and the £50,000 you insured for back in 1979 is now only worth £19,000 (Source: UK Retail Price Index). To put it differently, £50,000 in 1979 meant the same as £130,000 now. In short, you need to review how much you are insured for because it is likely that it won't be enough.