Twenty per cent of critical illness statements are turned down. That means for every five people making this important claim, one particular 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 ailments described in your policy documents) a payment will be made. The thinking behind your decision to take out what some consider being an important part of your own financial planning is sound. Crucial illness can affect the whole family. You may have to spend for child care, change your home or job or even train for a brand-new career. Having taken out cover, should the unexpected happen, all eventualities are covered and you have gone as far as you can to minimise financial problems and obtain down to the important personal matters.
Unfortunately, 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 deny your claim. Fair or not, really completely legal! As far as the law appears, if you have failed to disclose information which the insurer was seeking, then the insurance provider is perfectly within their rights to terminate the cover.
If this happens for you, not only do you have to cope with the ramifications of the illness, but you have to either accept that your critical illness insurance plans have totally failed you. At this point depending on the severity of the illness, you may feel overwhelmed by the situation and unable to face challenging the decision. Should you choose appeal against the decision and the Monetary Ombudsman Service gets involved, they are going to make every attempt to establish regardless of whether you deliberately misled the insurance companies in order to gain cover or if the questions on the original proposal form were vaguely or poorly composed.
As soon as you make a claim on your critical sickness policy, your insurer will start 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 usually you’ve failed to disclose to them, they may choose to refuse your claim. There is absolutely no such search or investigation carried out when you take out the policy and some people feel that this should be resolved.
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It is virtually impossible to remember each minor illness. Can you really be expected to remember and record every visit to a doctor regarding things like headaches, eye discomfort, stiff neck, ear infections plus depression? There were recent cases where claims were rejected for these reasons : a man had his claim to get prostate cancer refused because of failing to disclose an earlier ear infection plus a woman whose claim failed since she’d not disclosed an earlier issue with depression.
However , for four out of five people, the insurance works. It is important to 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 really a valuable financial tool.
Plenty of help is available when choosing your critical disease cover. Log on to the internet and you’ll discover on-line brokers who’ll be able to offer advice, a choice of quotes and the best possible terms.