Critical Illness Cover

[scotstigress]

Just wondering what your experiences are with this, every one ive looked at will not pay out if the illness is directly caused by an underlying medical condition, and seeing as the likely hood that if i do develop a critical illness (touch wood i dont!!!) it will probably be linked to my diabetes is it really worth it? maybe im being a bit thick but it seems that nearly everything on their lists of what the consider critical illness can be caused by poor diabetes control or as a result of the condition over a long period of time, and even if the illness isnt caused by my diabetes, will i have a fight with them because they will do everything in their power to prove it is?? any ideas or advice welcome 🙂

 

[Caroline]

Haven't had any experience of critical illness cover, but insurance companies do not like paying out if they can help it. It means we as consumers have to read the small print and make absolutely sure of what we are getting.

 

[Ellie Jones]

Both hubby and I were refused!

We worked for the same company, who decided to scrap the Company Sick Pay scheme and did a deal with an American Insurance company, which basically meant our company took the monthly payment out of our wages for them...

We both applied, the insurance company were totally unaware that we were married... We were both refused and given the same reason..

It was our diabetes, but if we managed to reduce or stop our insulin, we could reapply!

Not sure how an T1 diabetic can stop taking insulin! And reduce a bit of an insult, because I pretty sensitive to insulin so only ever used a rather small amount!

A colleague who taken the top available insurance out (it wasn't cheap) found out she'd basically wasted her money, she sustained whiplash injury in a car accident, she was off work for several months. Put her claim in, but it was refused because she'd had only been admitted to hospital for 23 hour and 59 minutes. They wouldn't pay out unless she spent at least 24 hours in hospital!

 

[LeeLee]

I'd suggest checking with Which? - it may cost you a bit to join, but the advice will be sound. Remember that the purpose of any insurance company is to MAKE money. If you manage to join and are then unfortunate enough to have to make a claim they will try whatever they can to refuse a payout. Cynical? Maybe... but many years ago I worked in Claims for a private medical insurance company.

 

[scotstigress]

Thanks folks, thats what i thought. If i wasnt refused cover, id have a snowballs chance of claiming if i had to. I think ill have a chat with a financial advisor at the bank. I do have life assurance so at leaset if something happens to me my partner wont have the mortgage to worry about 🙂

 

[trophywench]

Talk to an IFA not the bank.

Banks are like 'tied' agents, they don't deal with every product offered by every insurer, whereas decent IFAs have to know what's available across the market as a whole. eg If you are at work then try and get a recommendation from a colleague who you generally trust.

When I was retiring ours put me onto a thing called an 'Impaired Life' Annuity. We have impaired lives you know, cos we have a chronic health condition. So the actuarial figures state that we will die a lot sooner than the next person. So your money buys a bigger 'pot' on the basis they think they won't have to pay you for very long.

I fully intend to spite them by living a LOT longer than they think I will !

Question - Who knows what else is available that they are keeping quiet about?

Answer - a decent IFA !

 

[trophywench]

PS I thought they did 'Diet' Irn Bru?

 

[scotstigress]

The FA's at the bank call themselfs independant but ur probably right. Like i said, i have assurance, a pension and get death in service benifits throught the union and my employer so its not like i havent made some provision but would have liked to have the added security that if i dont die, we wouldnt be financialy destitute!!

 

[scotstigress]

P.S id DIE if it wasnt for diet irn bru 😱