Critical illness payout

strawb_shortcake

We are in the process of a critical Illness claim, when we spoke to them on Friday they said our claim has been accepted and they are working out the final figure and refunds. Being typically impatient what is the refund they are referring too? We submitted the claim around 10 weeks ago, and paid two instalments with the third instalment due Thursday. We took the insurance out 18 months ago so have paid around £1800 pounds into it so far.

TIA

unrecordings

I'm guessing the refunds will be the monthly premiums you've paid after the claim was made - depending on T&Cs ? In theory you should get all this in writing once the payment is made

Aretnap

Indeed, usually the policy would come to an end once a (successful) claim is made - you don't keep it going and get two payouts if you get two critical illnesses. So the refund would be for any months (or possibly part months) after the diagnosis/claim, during which the policy was effectively not in force - not for all the premiums you've paid since it started in afraid.

strawb_shortcake

Thank you, I thought they said at the beginning that they refund you any months from when the claim was accepted, as it was only just accepted I wouldn't have thought it to be typically difficult to work out any refund but the lady I spoke to Friday made it sound quite complex.
My husband will no longer be affordable for life insurance so not having a smoker on the policy should hopefully bring down the premiums of my future life insurance policies.

kingstreet

Is it stand-alone CI, or is it a menu plan combining death and critical illness cover? Is it joint, or singles?

If it is the latter, the life cover or other party's critical illness cover will continue and they will need to work out the difference in the premiums, refunding payments for the critical illness premiums post "claim day."

strawb_shortcake

It is a joint policy covering both life and critical, the policy will end on the payment of a successful claim. I need to speak to an IFA on the best way to cover myself going forward, we are planning on over paying the mortgage for the next 3.5 years which will then bring the mortgage down to around £45k and leave us with substantial savings.
I understand that life insurance for my Husband going forward is likely to be prohibitively expensive if not impossible to purchase.

Weighty1

annabanana82 wrote: »

It is a joint policy covering both life and critical, the policy will end on the payment of a successful claim. I need to speak to an IFA on the best way to cover myself going forward, we are planning on over paying the mortgage for the next 3.5 years which will then bring the mortgage down to around £45k and leave us with substantial savings.
I understand that life insurance for my Husband going forward is likely to be prohibitively expensive if not impossible to purchase.

It would be dependent on what critical illness has been diagnosed. Trying to get life insurance following a cancer diagnosis and cause MASSIVE increases in premiums whereas trying to get life insurance after suffering a heart attack would often cause the premium to double or increase to about 150%, so not nearly as expensive when cancer to previous cancer claims.

strawb_shortcake

He had a heart attack, 3 stents and now borderline heart failure as well Coronary Artery disease and Left Ventricle Systolic dysfunction. we were paying £100 a month previously