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Critical Illness Cover - Making Sure it Pays OutHaving critical illness insurance is extremely important; in fact, it is probably even more important than many people understand. Believe it or not, statistics show that one out of every five men and one out of every six women will have some kind of a critical illness before they reach the age of 65. These statistics basically show that you are far more likely to have a critical illness than you are to die before the age of 65. Many people do not get critical illness insurance, in spite of the statistics that show how important it is. Some also believe that it will be too hard to even get the company to pay out, so they do not bother with this type of cover. Since you are likely to have a critical illness at some point in life, the cost of critical illness insurance is quite a bit more expensive that regular life insurance. Usually companies actually will reject almost a quarter of the claims that are made as well. There are three very popular reasons that most critical illness claims end up being rejected. Disclose all information you are aware ofOne of the major causes of claim rejection is that the applicant gave the wrong information or they did not disclose some part of their medical history when applying for their policy. When a company calculates your insurance premium, they do so based upon the information that you give them. If the information you provide is wrong, then you may not pay the right amount of premium. Failing to be truthful or to disclose information on your application may result in you not getting any money from your policy when you need it most. So, in order to make sure the company does pay out if you make a claim, be sure that you provide only accurate information. Understand and follow your insurers termsFollowing the terms and conditions of your insurance company is very important as well. They will no doubt have a variety of rules dealing with how your health should be cared for while they are insuring you. You will need to always make sure that you follow what your doctor tells you to do, such as taking steps to reduce your blood pressure if it is too high. If you do not follow protocol, more than likely you will find that your claim is rejected. Read the fine print on your policy, and if there are any instructions of this kind, follow them to the letter. Know what your policy coversBefore you get a critical illness insurance policy, it is important that you know what the policy will cover. Some people fail to get their policy to pay out because the illness they develop is not one covered by their policy. Be sure that you always read the fine print before buying critical illness cover to be sure of what conditions will be covered. A typical critical illness policy covers a standard or core set of critical illnesses such as cancer, heart attack, stroke, kidney failure, coronary by-pass surgery and major organ transplant. However they differ in terms of extra cover offered on top of that. The devil is in the detail with critical illness cover so if you are unsure which policy is right for you take advice. Once you know what cover you need it's easy to shop around for the best deal. You can either get comparitive critical illness insurance quotes from a broker or use one of the many price comparison websites. Again if you are in any doubt take advice, in the meantime you can find further information on the FSA website here http://www.moneymadeclear.fsa.gov.uk/news/critical_illness_cover.html. |
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