Income Protection Policy

magpiecottage

greenglide wrote: »

So this is a group scheme provided by your employer?

From their website their is an interesting section about their critical illness cover:-


It sounds to me as though anyone could be critically ill with a condition not on their list and they wouldnt need to pay?

These schemes seem wonderful until you need to make a claim.

That is my view. It is far better to have permanent health insurance (long term ill health income replacement) than critical illness.

It might not pay out a big lump sum but at least your income is secure.

dunstonh

My youngest CI claimant was 25. Full recovery. I have had several lucky ones over the years suffer a claimable event resulting in payout but not a severity that lingered and were more wake up calls.

CI is a list of defined illnesses. If its on the list, you are fine. If its not then you are not covered. Over 90% of CI claims result in a payout with most insurers. However, there is a big quality difference in the CI plans offered by the providers. There is a minimum ABI standard but some providers go way beyond whilst others stick very close to that.

gadgetmind

dunstonh wrote: »

CI is a list of defined illnesses. If its on the list, you are fine. If its not then you are not covered.

Yes, but that simple statement covers a lot of complexity and what (to most humans but not insurers and lawyers) looks like inconsistencies.

My wife had breast cancer, which was caught very early but which had strayed every so slightly beyond the duct. Two rounds of surgery, radiotherapy, and hopefully that's that. Insurance paid out as "invasive".

Other women have "Ductal Carcinoma In Situ" aka DCIS, which can grow as large as they fancy, go walkies at any point, and surgery is required, which can range from minor to single or double mastectomy. Insurance doesn't cover DCIS.

So yes, you can have the "right" cancer but you can also very much have the wrong one. People expect insurance to derisk things, but it can just add another layer of roulette.