Critical Illness Insurance Backdated

SHEDRULE83

I have just been successful for my critical illness claim. I 1st claimed in October 2017 but the claim was diagnosed in 2010. Can this claim be backdated and should I appeal?

BooJewels

Isn't a critical illness settlement usually a lump sum payout?

Do you mean that you have a decreasing term sum assured and you want the amount it would have been in 2010, rather than the amount in October 2017? I'm a smidge surprised that they settled after this time as there's usually a time limit after diagnosis for claiming.

SHEDRULE83

It was only found after independent insurance advisor read insurance documents and informed me I could claim. It took a while for review but ut was successful. Is it worth appealing from 2010 or just leave

BooJewels

SHEDRULE83 wrote: »

It was only found after independent insurance advisor read insurance documents and informed me I could claim. It took a while for review but ut was successful. Is it worth appealing from 2010 or just leave

That would rather depend on what the policy booklet states. All policies will run within published rules and the terms of your own policy, you need to study them to see if you can or not - people here probably can't give you a reliable answer without sight of your terms.

dunstonh

As mentioned, most CIC plans pay out a lump sum. It isnt a monthly income. So, it wouldn't matter if it was paid out now or 7 years ago as the amount would be the same.

The exception would be on decreasing term assurance plans or family income benefit plans.

What does your IFA say when you ask them?

I'm a smidge surprised that they settled after this time as there's usually a time limit after diagnosis for claiming.

Most insurers will accept claims later on. The risk of leaving it late is information going missing or insufficient records to support the case. However, if its all there, then a claim will usually be considered.

SHEDRULE83

It is a decreasing policy. I have been confirmed a lump sum. Also do monthly premiums paid get backdated from claim date as no mention of this from company.

BooJewels

dunstonh wrote: »

Most insurers will accept claims later on. The risk of leaving it late is information going missing or insufficient records to support the case. However, if its all there, then a claim will usually be considered.

Our policy states 120 days, so I don't know how flexible they'd be after that. But, as you say, the practical considerations of tracing records etc will only complicate matters. We're having enough trouble getting a doc he sees every week for treatment to send off the requested reports. It's been with him for 6 weeks already. Apparently "he'll try and do it this week".

dunstonh

The 120-day rule is old. Most plans say it. Its more of an encouragement to make the claim than an absolute rule.

ACG

I am 99% sure you would be entitled to the 2010 amount.

As the old saying goes, if you do not ask, you do not get.