AXA Multiplan and Lifecare - claim

tonytheviking

Hello all,

I'd be grateful if someone could explain my policy to me.

I took out an AXA Multicare and Lifecare policy in 1999. For 10 pounds a month, my cover was 45,000 if I needed to claim. Every year, the cost of the premiums and the cover increased, and I accepted these costs and kept paying the premiums.

Now I am making a claim for cancer, and I'm presuming (if successful) I will get the full value of the policy from the last increase (70,000 ish).

It's not written in plain English anywhere in the documents.

I heard that some policies pay out different amounts for Death vs Critical Illness. It doesn't say this anywhere on the documents, but does anyone on the forums know about this?

Happy to provide more info from the policy to clarify.

Thanks,
T

Cautious_Investor_3

Hi

Sorry to hear about your diagnosis, I do hope you make a speedy recovery.

With regard to your questions, I assume the sum assured is index linked, to keep pace with inflation, which would have increased the sum assured and therefore the premium each year.

When it comes to the amount of sum assured i.e. how much it will pay out, it will tell you in your policy document what the original sum assured was on death or critical illness. This original sum assured is likely to have increased annually in line with inflation.

The most common way for this type of plan to be set up was for the amount payable on death and critical illness to be identical, however this is not always the case and sometimes they are different. The simplest way to find out is to call AXA on Monday morning, they will be able to tell you the sum assured on diagnosis of a critical illness.

I hope this helps.

The Cautious Investor

tonytheviking

Thanks. Yes - that makes sense. I'm pretty sure it was identical cover for death or critical illness, and I think I may have requested the cover to increase annually. Hard to remember the details now.

Anyway, I'll phone them on Monday as you suggested and get the details.

Many thanks,
T

Cautious_Investor_3

tonytheviking wrote: »

Thanks. Yes - that makes sense. I'm pretty sure it was identical cover for death or critical illness, and I think I may have requested the cover to increase annually. Hard to remember the details now.

Anyway, I'll phone them on Monday as you suggested and get the details.

Many thanks,
T

No problem, I have some experience of the claims process, it is normally pretty straightforward and the insurers are generally very helpful and sympathetic.

Good luck, feel free to post any other queries.

The Cautious Investor

tonytheviking

Yes - so far it's been smooth. I actually had a separate policy with another company (FP), and they have agreed to pay the claim.

Is it true, that if one company pays the claim for critical illness, the other is likely to follow suit? I heard that the companies tend to share information with each other.

Cheers,
T

Cautious_Investor_3

tonytheviking wrote: »

Yes - so far it's been smooth. I actually had a separate policy with another company (FP), and they have agreed to pay the claim.

Is it true, that if one company pays the claim for critical illness, the other is likely to follow suit? I heard that the companies tend to share information with each other.

Cheers,
T

No guarantees of course but I'd say that was a pretty fair assumption.

dunstonh

Is it true, that if one company pays the claim for critical illness, the other is likely to follow suit?

No. Every provider has its own definitions of critical illness on legacy plans.

I heard that some policies pay out different amounts for Death vs Critical Illness.

That is correct where the sum assured for life assurance is different to the sum insured for critical illness. It depends on the type of plan and how it was set up.