Critical life insurance

MJD1983

My wife has recently been diagnosed with MS. We have critical
life insurance cover and we have recently remortgaged and advised we should draw down on the critical insurance cover. I have had searched but can advise me
if there are any reasons why not to ‘cash in’ on the cover and wait? Thanks in advance 

Mark_d

Presumably you have critical illness cover because you want a payout if either of you get diagnosed with a critical illness.  Perhaps you want to use the money to repay the mortgage, perhaps you want to make alterations to the house, perhaps you want to do a cruise around the world.

With any insurance policy, you should make the claim as soon as practical after the insured event.  You can't possibly benefit by delaying making a claim.

DullGreyGuy

MJD1983 said:

My wife has recently been diagnosed with MS. We have critical
life insurance cover and we have recently remortgaged and advised we should draw down on the critical insurance cover. I have had searched but can advise me
if there are any reasons why not to ‘cash in’ on the cover and wait? Thanks in advance 

Read your policy book and check if MS is covered and if so what are the requirements for making a claim. Most it will be a consultant neurologist diagnosis with clinical impairment but some also add a wait period of 6 or 12 months of symptoms. 

Once you qualify, there is no point waiting before claiming

sheramber

Who has advised you that you can claim?

Unless it was the insurer you need check your documents to find out what cover you have.

MJD1983

sheramber said:

Who has advised you that you can claim?

Unless it was the insurer you need check your documents to find out what cover you have.

I have spoken to the insurer who confirmed we would be likely be able to claim