Critical illness Cover

6 weeks ago I was diagnosed with a benign brain tumour.  I am on medication for it and until further tests I am not sure if I have to have ongoing treatment etc. At the moment it's not life threatening and I have been told its treatable and must be monitored.  I forgot that myself and my partner took out life cover and critical illness cover when we bought our house more than 3 years ago.  I took a look in the fine print with AIG and benign tumours are covered, however I'm sure I will have to answer a lot of questions surrounding my condition to see if I'm eligible to use my cover.  

The question is: If I'm going to be able to work and manage ok with medication is it advisable to not claim on the cover? It states, "once you claim the cover lapses".  Is that because it would then become a pre-existing condition?  I still want life insurance cover for myself and my partner.  Do we just take up a new policy?  Is this reasonably straight forward and simple as long as we state the pre-existing condition?  Or will me claiming on my policy affect further cover from different insurers going forward.  

Sorry, so many questions: it's just I don't really know what happens with these types of insurance covers and if we should or should not use it unless it's something life threatening.  How does it all work?  I don't want to call and ask yet as I'm worried it may affect the cover if they know about the condition regardless of if I claim or not.  Someone once told me this can be the case with buildings and content insurance, so was pondering if life and critical illness cover has similar terms.  Please help x x x 

Comments

  • dunstonh
    dunstonh Posts: 115,682
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     however I'm sure I will have to answer a lot of questions surrounding my condition to see if I'm eligible to use my cover.  

    You have posted in the wrong section (it would be better in the insurance section than the missale section) but I will respond anyway.  Maybe a board admin will move it to the correct place.....

    Not normally.   The insurers usually get the bulk of the information from your consultant and/or GP.

     If I'm going to be able to work and manage ok with medication is it advisable to not claim on the cover? It states, "once you claim the cover lapses".  Is that because it would then become a pre-existing condition? 

    The policy ceases as it has hit an outcome.  i.e. paid out the full amount on the claim.   There is absolutely no logical reason not to claim.

     I still want life insurance cover for myself and my partner.  Do we just take up a new policy? 

    You probably wont be able to get one at this stage.  Your partner can.

    .  How does it all work? 

    You contact the insurer claims line and tell you think you have a claim.  They ask some questions and you give the answers.  They check with the consultant/GP and if all is in order, they pay you the sum insured and the policy ends.

     I don't want to call and ask yet as I'm worried it may affect the cover if they know about the condition regardless of if I claim or not.

    It doesn't work like that.

     Someone once told me this can be the case with buildings and content insurance, so was pondering if life and critical illness cover has similar terms. 

    no it doesn't.  House insurance renews each year.  Life & CIC doesn't renew.  it is fixed for the term based on the information provided at the outset.

    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.
  • Thank you so much for all this info 🙏
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