20 per cent of critical illness states are turned down. That means for every 5 people making this important claim, one will have it rejected at this crucially important time.
The whole reason behind taking out critical illness cover is that, in the event of you becoming critically ill (that is being diagnosed with one of the listed health problems described in your policy documents) the payment will be made. The thinking behind your decision to take out what a few consider being an important part of your own financial planning is sound. Critical illness can affect the whole family. You may have to pay out for child care, change your home or job or even train for a completely new career. Having taken out cover, should the unexpected happen, all eventualities are usually covered and you have gone as far as you can to minimise financial problems and obtain down to the important personal matters.
Regrettably, in a number of cases, this is not so. Failing to disclose what may seem to you to be minor, unimportant illnesses in the past can provide the insurers a reason to reject your claim. Fair or not, it’s completely legal! As far as the law appears, if you have failed to disclose information that the insurer was seeking, then the insurer is perfectly within their rights to terminate the cover.
If this happens for you, not only do you have to cope with the implications of the illness, but you have to possibly accept that your critical illness insurance policies have totally failed you. At this time depending on the severity of the illness, you might feel overwhelmed by the situation plus unable to face challenging the decision. If you carry out appeal against the decision and the Financial Ombudsman Service gets involved, they are going to make every attempt to establish whether or not you deliberately misled the insurers in order to gain cover or whether or not the questions on the original proposal form were vaguely or poorly created.
As soon as you make a claim on your critical sickness policy, your insurer will instigate an extremely thorough check on your healthcare records. It appears that they can go back without a time limit and if they find anything at all, related to your illness or not, which you’ve failed to disclose to them, they may choose to refuse your claim. There is no such search or investigation carried out when you take out the policy and several people feel that this should be tackled.
It is virtually impossible to remember each minor illness. Can you really be expected to consider and record every visit to the physician regarding things like headaches, eye pain, stiff neck, ear infections and depression? There were recent cases where claims were rejected for these reasons – a man had his claim regarding prostate cancer refused because of failing to disclose an earlier ear infection along with a woman whose claim failed since she’d not disclosed an earlier issue with depression.
However , for four from five people, the insurance works. It is very important disclose your full health history and not to attempt to cover anything upward. Read the terms of the insurance thoroughly plus miss nothing out. Used since intended, critical care cover is a valuable financial tool.
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Plenty of assist is available when choosing your critical illness cover. Log on to the internet and you’ll find on-line brokers who’ll be able to offer advice, a choice of quotes and the best possible terms.