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criticali illness insurance claim
judy_1
Posts: 77 Forumite
okay after some 4 month my insurance decide that i had been critically ill and tha they woul dpay out under the policy i have had with them tfor 7 years
the sum insured according to the policy schedule is £68,000, however when the cheque arrived it was fo r£4504.61 why would this be, i have scoured the compelte policy document and it does not menstions any thing within it about a lower sum than that set out in the shedule only the amoutn wset out in the schedule advice please on what to do next as if i bank the cheque wil this be accepting the payment as a settlement of the claim i understand that the amount paid out is a lot of money but i would prefer to have my health any day of the week
the sum insured according to the policy schedule is £68,000, however when the cheque arrived it was fo r£4504.61 why would this be, i have scoured the compelte policy document and it does not menstions any thing within it about a lower sum than that set out in the shedule only the amoutn wset out in the schedule advice please on what to do next as if i bank the cheque wil this be accepting the payment as a settlement of the claim i understand that the amount paid out is a lot of money but i would prefer to have my health any day of the week
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Comments
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Have you asked them why the figure differs from your expectation?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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I would give them a call most likely reason is that you took out decreasing cover rather than level cover. Perhaps re-check over the schedule and see what the cover is described as.:j:j:j:j:jI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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i have checked the policy it does not mention that it is decreasing cover it only mentions the policy schedule and the amount as £68,0000
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Does it say level term assurance or decreasing term assurance or family income benefit? What is the policy called?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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the policy is call mortgage protection insurance mortgage business assurance policy0
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when i called the company they told me tha t we had been allocated a decresing cover policy but they felt that we had been miss sold as we were not aware of this and tha t we should take this up with the company that sold the policy, however they also say that in july 2002 someone called them aksing to increase the cover by £100,000 but that they did not do this as it was the agent who sold the poilcy that made the request and not myself i hsvr noew raised a formal complaint within the company that sold the policy. at the time that the policy was taken out the agent also did a policy for my husband but after filling out the questionaire failed to copy the information out correctly from the questionaire to the application form, the selling company offered our money back on the policy after this issue0
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