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Tell the whole truth on your application form. Currently one in four of claims made are rejected.

 

 

Critically important - time to take cover

 

Author: Michael Challiner

 

Life and Critical Illness Insurance Tell the insurers everything when you apply.
Non-disclosure of relevant information is the single largest reason for the rejection of a life or critical illness insurance claim. This true story points up the complications.
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Back in 1999, the Imperial Cancer Research Fund stated that one in every three people in Britain will be diagnosed with cancer at some point in their life. With rapid medical advances the chances of survival from a major illness are improving but the consequences of ( unsecured loans ) suffering such an illness continue to be substantial and life-changing.

 

Critical illness insurance policies are designed to help you cope with the changes which will be necessary should you be diagnosed with a "qualifying medical condition". Most policies will pay out following a diagnosis of heart disease, cancer, stroke, renal failure, paralysis, major organ transplant and coronary artery bypass surgery as well as a range of other conditions. ( travel insurance ) There is normally a one-off tax free payment which is intended to assist you with costs, typically the need to adapt your home or car or maybe re-train for a different occupation. Its not only the bread-winner that can benefit from this type of cover and you should take account of child care and housekeeping costs which would be involved should Mum be out of action. (medical insurance)

Unfortunately, at a time when most people are suffering from the shock of learning that they have been diagnosed with a critical illness, they and their families may learn some ( personal loans ) additional disturbing news. The insurance industries latest figures show that, on average, around a quarter of all claims are rejected!

As soon as a claim is made, the insurance company will request a huge amount of information from your doctor. Its quite likely that much of this information is not relevant to the illness for which the claim relates. The insurer is using this information to ascertain whether or not the insured has been completely truthful on the original insurance application form.

The reason for this is what the insurers call non-disclosure and if any medical information has been omitted, they can use this as grounds for refusing the claim.

It appears that the non-disclosure may not be related to the critical illness. Claims have been turned down for various reasons, including the case of a woman ( cheap loans ) with breast cancer whose case was rejected because she hadnt listed treatment for depression on the original proposal form.

The rejection rates are shown as follows:

Company

% of rejected claims

 

Scottish Equitable Project (loans)

28%

Norwich Union

26%

Friends Provident

25%

Legal and General

22%

Bupa

21.5% (cheap car insurance)

Skandia

21%

Prudential

20%

Standard Life

20%

Scottish Widows

18%

Scottish Provident (cheap car insurance)

11%

Scottish Equitable Guardian

10%

Average

23.5%

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