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Critical Illness Insurance - could do better
Summary:
Critical illness cover is a basically good form of insurance, which has had some poor publicity recently. Insurers are trying hard to regain your confidence though, and aim to simply the whole procedure.
Critical illness insurance is not getting a good press. Basically the problem seems to lie in the fact that claims are not as black or white as with other types of insurance. The grey areas are in need of an overhaul to allow the facts to shine through.
Critical illness insurers will only pay out when they are completely happy that the claim is totally valid. They say that when the policyholder contacts them to notify them of an illness, its obviously important to both of them that the diagnosis has been properly made. This doesnt usually present any problems. However, there are another two areas which they need to investigate and both have the potential to create trouble. (cheaper loans)
The second question theyll bring up is whether or not the illness or condition is listed in the schedule used on the policy. The actual wording of the policy is important here, as demonstrated by a recent case which is due to come to Court. It concerns a man who has a critical illness policy for a value of Ł400,000. There is dispute as to whether or not his illness is covered in the policy. The insurance companys medical advisers have made the decision that it is not and therefore there will be no payout, whereas his own medical advisers disagree. The Court will decide. If the decision goes against the insurance company, it will add to the bad publicity in this area of insurance.
Through no fault of the insured person, this impasse has occurred because either the policy wording didnt precisely define the illness or the medical profession is unable to agree regarding a technical diagnosis. (ppi)
The third area of contention is regarding whether or not the applicant has been entirely truthful in the first place, when filling in the original application form. This is illustrated by another case due to come to Court for a judgement. (cheap loans)
Scottish Provident issued cover for over Ł200,000 to an individual in 1988. Two years later he was diagnosed with testicular cancer. As happens when some-one makes a claim on a critical illness policy, the insurers went through the application forms with their usual thoroughness and it was discovered that the insured person was actually an ex-smoker and had not declared that on the form. He says that he quit smoking "a long time" ago and simply didnt think it was relevant. In his opinion he filled the form in with complete honesty.