When you complete your application form don't be economical with the truth - otherwise any claim you make could be one of the 25% that gets rejected.
Critical Illness Insurance. Tell the whole truth.
Author: Michael Challiner
The latest figures from the insurance industry continue to show large
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Critical illness insurance pays out a tax-free lump sum if the policyholder is diagnosed with one of a long list of qualifying illnesses which are listed on the policy. The most common claims are for strokes, cancer and heart attacks but lots of other illnesses are usually covered.
The biggest reason for rejection is that the insurer finds out that the policyholder failed to fully disclose their medical condition when they originally applied for the insurance. This always results in conflict between the insurer and the policyholder so our best advice is always disclose everything, no matter how small or insignificant you think it may be.
The fact is that as soon as any claim is made, the insurer automatically asks the claimant's doctor to provide a huge amount of information and much of it will not necessarily be ( personal loans ) relevant to the illness which is the subject of the claim. The insurer then scrutinises this information to confirm, or otherwise, that the claimant told the whole truth on his or her original application form.
If medical information is found to have been omitted, and the insurers ( secured loans ) call this non-disclosure, then this can be seized upon as grounds for throwing out the claim.
And the non-disclosure does not necessarily need to be related to the illness. For example, a man had his claim for prostrate cancer rejected because he'd failed to ( medical insurance ) disclose an ear infection and a woman with breast cancer had her case thrown out because she hadn't disclosed her treatment for depression.
The insurers claim that rejections for non-disclosure are totally legal but the Law Commission clearly has it's doubts. In a recent consultation document, the Commission says: ( home insurance quotes ) "It is possible for an applicant to act reasonably and honestly yet still fail to meet the duty of disclosure." The Law Commission ended it's consultation last April and we will report on it's conclusions as soon as they become available.