Life Insurance And Critical Illness

~Brock~

dunstonh wrote: »

There is little point in engaging in any further discussion with you as I fear your chip is going to get the way.

That was a worthy new year's resolution, which you have already broken

DW123_2

dunstonh wrote: »

I'm fee based anyway, so I dont care.

I'm sure your customers will be pleased to hear you say that!!

dunstonh

That was a worthy new year's resolution, which you have already broken

The chip did seem to go away for a while. So, I rejoined. However, it seems to have come back again.

Sometimes you just cant help it

I'm sure your customers will be pleased to hear you say that!!

Of course they are. Its one of the reasons I get business.

DW123_2

The chip did seem to go away for a while. So, I rejoined. However, it seems to have come back again.

Ok you have experience from side of the industry, i have it from the other side. Let's just agree to disagree and move on.

Otherwise we'll be doing this forever.

feisty1

DW123.........Pls stick to yr day job, yr lack of knowedge in this area is beginning to be cringe worthy, I thot the comment "Since when is a chiropractor a doctor. Do they have a degree in medicine" was bad enough now this "Terminal Illness"...........I'm blushing for you..............

DW123_2

Please refer to my previous post.

mswannabe_2

dodgyeyes wrote: »

I agree - critical illness definitely not a sham. Had to claim myself 4 years ago - was difficult to as insurance company claiming non-disclosure - but had excellent service from ombudsman and won our case. Now in a position where we will always have a roof over our head as paid lump sum off mortgage. Lucky enough to also have income protection so am paid a monthly salary now until retirement.

Can never predict illness - occurs out of the blue in many cases. Definitely consider.

Thanks for your post. I wasn't aware until now that there are policies out there that cover income up until retirement age. I fear that the accident and sickness policy I have with Payment Shield is less than adequate. It only pays out for maximum of 12 months of sickness:eek: Looks like I need to find an alternative. Any recommendations anyone. All PM's gratefully received.

mswannabe_2

dunstonh wrote: »

BTW, you said earlier that my comments on the complaints stats were complete tosh. Insurance companies publish stats on these things and are available. Here are those from one of the biggest, NU.

NU paid out on 94% of claims on CI policies in the first 6 months of 2008. That compares with 85% in the same period of 2007.

The number of claims declined for non-disclosure of medical information fell to 1.5% (to end June 2007: 6.7%).

Norwich Union paid out more than £58 million to policyholders who claimed on their critical illness policies over the last six months. Highlights include:

• Total payouts for policies increased to over £58 million, compared to over £52 million in the first half of 2007
• Cancer remains the most common cause of claims at 60.1%
• The number of children's claims paid increased to 42 from 15 during the first half of 2007
• In total, 813 claims were paid out and the average payout was just under £72,000
• The number of claims rejected for non-disclosure of medical facts at the policy's outset continued to fall to just 1.5% in 2008, from 6.8% at June 2007 and 4.17% for the full year

During the first half of 2008 claims by illness type were as follows:

• Cancer 60.1%
• Heart attack 7.7%
• Multiple sclerosis 6.6%
• Stroke 6.9%
• Total permanent disability 5.9%
• Heart surgery 5.1%
• Benign brain tumour 2.7%
• Other 5.0%

Are there any income protection/critical illness policies out there that will cover self employed people? Does income protection also cover unemployment or is this a completely different policy. Sorry for all the questions but it's a mine field out there.

feisty1

mswannabe wrote: »

Sorry for all the questions but it's a mine field out there.

That's exactly the reason u should discuss this with an adviser. When yr not familar with the terminology, benefits etc, a discussion with an adviser could be the difference between an appropriate policy and one which didn't suit yr needs.......If u try and do it yrself, u will fone a call centre, speak to a pleasant person who will gladly arrange anything you want.......However if it turns out to be the wrong policy u have absolutely no come back, as you did not seek advice...........

mswannabe_2

feisty1 wrote: »

[/b]

That's exactly the reason u should discuss this with an adviser. When yr not familar with the terminology, benefits etc, a discussion with an adviser could be the difference between an appropriate policy and one which didn't suit yr needs.......If u try and do it yrself, u will fone a call centre, speak to a pleasant person who will gladly arrange anything you want.......However if it turns out to be the wrong policy u have absolutely no come back, as you did not seek advice...........

Yes, I agree but it was an IFA that sold me the accident and sickness policy that I currently have in place. At no time was I told that alternatives offering income protection up til retirement age were available. I was only told about the type of policy I ended up buying which only pays out for max 12 months. Thanks to you helpful people, I am now aware of better alternatives:T