Consumers Confused When It Comes To Buying Critical Illness Insurance

Consumers Confused When It Comes To Buying Critical Illness Insurance



Consumers Confused When it​ Comes to​ Buying Critical Illness Insurance
Critical illness insurance is​ taken out to​ insure against the​ possibility of​ an individual being diagnosed with a​ critical illness sometime in​ the​ future. With advancements in​ medicine more people who are diagnosed with a​ critical illness are recovering from the​ illness but their finances could be stretched to​ the​ limit and life could be harder than it​ has to​ be.
The cover will pay out if​ you​ are diagnosed with any of​ the​ critical illnesses which are outlined in​ the​ policy,​ the​ actual illnesses will vary on​ the​ policy but common ones include being diagnosed with cancer,​ suffering a​ stroke,​ a​ heart attack or​ having to​ have an organ transplant. However consumers are sometimes getting confused when it​ comes to​ taking out critical illness insurance,​ and end up buying cover that does not give them adequate protection.
Some providers of​ the​ cover are selling a​ policy for huge premiums that gives very little protection and can have many exclusions in​ it​ that offers very poor value to​ the​ consumer. it​ is​ the​ small print in​ the​ policy which is​ causing the​ majority of​ problems with a​ policy; very little information is​ often given regarding them which mean that the​ consumer is​ buying cover that they do not understand.
While critical illness insurance when taken out with the​ small print in​ mind will payout a​ tax free lump sum on​ diagnosis of​ a​ critical illness,​ it​ was recently reported that around 25% of​ all claims made against a​ policy are rejected due to​ the​ exclusions. at​ a​ time when the​ individual needs financially security and peace of​ mind that they will be able to​ continue repaying their mortgage and essential outgoings many are being left with the​ added stress of​ finding they cannot claim.
It seems that many providers of​ the​ cover will do anything possible to​ squirm their way out of​ paying out on​ a​ claim,​ excuses such as​ drinking more ​alcohol​ than stated on​ the​ form and not reporting minor problems before being diagnosed have all been made. it​ is​ essential when taking out the​ cover that you​ know exactly what you​ are buying before you​ purchase and take care when filling in​ the​ forms associated with the​ cover so that you​ disclosed everything necessary relating to​ your health.
Just as​ with payment protection cover which is​ being investigated by the​ Financial Services Authority,​ critical illness cover has seen a​ rise in​ the​ amount of​ claims against firms selling inadequate critical illness insurance. Many of​ these claims were based on​ the​ fact that the​ provider failed to​ make the​ consumer aware of​ the​ exclusions and small print in​ a​ policy at​ the​ time of​ being sold the​ cover.
Critical illness cover can help you​ at​ as​ key time in​ your life you​ have read the​ key facts and small print of​ the​ policy and the​ best way to​ get the​ essential advice needed is​ to​ go with a​ specialist broker. the​ cover can be pushed alongside the​ loan or​ mortgage but this is​ the​ riskiest and most expensive way of​ buying the​ cover. a​ specialist broker can get you​ a​ good quality critical illness insurance policy while at​ the​ same time gathering the​ key facts so that you​ can determine if​ a​ policy would be suitable for your circumstances.




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