Turned Down for Critical Illness Insurance?

Article published on 17th July 2008

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Critical illness insurance tends to be more expensive than life insurance, but then again it is covering for a greater risk than life insurance. The fact is that we are all more likely to suffer from a critical illness before we reach retirement age than we are likely to die before that age, which, if you ask me, isn't necessarily a bad thing! But still, the risks being as they are, is the expense really the most telling reason why fewer people have Critical Illness Insurance than they due life insurance?

Other factors for this reticence could include the fact that we sometimes hear through the news media of companies refusing to pay out on a critical illness policy on what appear to be technicalities, and indeed few people really want to consider how likely it may be that they contract bacterial meningitis, leukaemia, other cancers, coronary disease and Alzheimer's disease and the other sorts of illnesses that are commonly covered by critical illness policies. It's a rather grim subject for many people.

Although insurance companies can and do make mistakes, many declined claims are declined because they were invalid from the start. If your illness isn't listed on your policy, you won't get a pay out for it. So it is important to always shop around and compare the breadth of cover available to you through different policies.

Another reason for rejection is when it turns out that you have had the illness you are now trying to claim for before you bought your insurance cover - so you failed to disclose the information to your insurer. But that's another important message to 'take home' - always disclose all your ailments before buying the insurance, because although it might mean higher premiums in some cases, it also means that you are much less likely to have your claim denied on the basis of non-disclosure.

Always seeks out independent advice before buying insurance and always be honest about your health situation. It's never worth pinning your hopes onto such a great risk.

To speak to a Critical Illness Specialist about a Critical Illness Policy, either call us on 01723 516 600 or request a Critical Illness Insurance Quotation using the link below and arrange a callback.

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