Critical Illness and Life Insurance Cover

[Ali H]

Underwriting is done at point of sale so it is only illnesses or symptoms prior to application that count. That's the whole point of it, they can't refuse to pay out because you get sick AFTER you have the cover in place unless you have hidden previous medical info from them.

If you have critical illness, a lot of policies are reviewable so premiums remain level usually for 5 years and can then increase/decrease each year after that or sometimes yearly, in line with their claims experience. They rarely go down btw! I always wrote guaranteed premiums for my clients having seen massive hikes in reviewables over the years.

Ali

 

[bwayne143]

I have read a lot of articles regarding life insurance. According to those articles, it's always better to get an insurance while you are not diagnosed with any illness. Because when getting an insurance, the firm will review your age, health and lifestyle before approving your application.

If you are diagnosed with an illness, they might not be able to approve your application (well, it depends on what type of illness you are having). Also they might be asking you to pay for an extra amount of money if you are diagnosed with an illness. And depending on what I've read, diabetes is one of their restrictions that prevents you from getting a life insurance.

 

[Aimee saville]

Hi, has anyone else had difficulties trying to get a policy for critical illness cover? I can get covered for dying from a Diabetes related illness but if I have a heart attack or stroke and cannot work there is no one out there who will give me an insurance policy for this. I will need an income from somewhere should the worst happen, I suppose I would have to claim sickness benefit from the Government, that's not going to pay my mortgage.

Hello, I am a financial advisor and I specialise in protection!

Unfortunately, critical illness cover is not an option. But income protection is and it works similarly to critical illness in the long run. Only difference is that it pays a monthly income while you’re off work, not a lump sum. If you’re signed off work for a certain amount of time due to illness it will pay upto 60% of your salary to you each month. Obviously the critical illness’ that are defined by the association of British insurers are covered by income protection too, it’s just an income which in someways people prefer!

It’s just a thought in case you weren’t aware!
I work for London & country mortgages, there are a few free services like us that will do the medical research for you and find you something suitable or let you know what is needed.

I hope this helps if you haven’t been helped already!

 

[Robinredbreast]

Hi, has anyone else had difficulties trying to get a policy for critical illness cover? I can get covered for dying from a Diabetes related illness but if I have a heart attack or stroke and cannot work there is no one out there who will give me an insurance policy for this. I will need an income from somewhere should the worst happen, I suppose I would have to claim sickness benefit from the Government, that's not going to pay my mortgage.

Hi, so sorry to hear of your concerns. I am going through something similar at the moment, I don't get sick pay, so I have had no income coming in for 6 weeks, so a friend got in touch with CAB whilst I was in hospital and someone came to visit me in hospital and she got the ball rolling with Universal Credit, she then came to my house when I was discharged. it's scary and I never ever thought something so devastating could happen to me. I have a life insurance policy, but not one for a critical illness.

Edited - I have noticed this is a few years old, but it could be beneficial to other's.