Cancer & Critical Illness

Carlington

Have just been diagnosed with cancer and I do have critical illness cover through work which resets every year. I was not intending to claim as I wish to work through treatment (wfh) and if I did need to take time off, work will pay up to 6 months full pay.

Another forum suggested that I should notify them in anycase, as it may affect any future claims. I was also hoping to borrow more on my mortgage to staircase....but now I dont know what to do. Any advice?

Aretnap

Carlington said:

Have just been diagnosed with cancer and I do have critical illness cover through work which resets every year. I was not intending to claim as I wish to work through treatment (wfh) and if I did need to take time off, work will pay up to 6 months full pay.

If it's critical illness insurance and not income protection insurance then whether you work through your treatment or not likely has no bearing on whether you can claim. Critical illness pays a lump sum if you are diagnosed with a listed disease of specified severity.

If the cancer meets the criteria to claim then you can and should claim - there is no advantage to waiting. OTOH if it's an early stage, and treatable cancer (and I hope it is) then it might not meet the criteria for you to claim, whether you keep working or not. Check the wording of the policy and good luck.

dunstonh

Have just been diagnosed with cancer and I do have critical illness cover through work which resets every year. I was not intending to claim as I wish to work through treatment (wfh) and if I did need to take time off, work will pay up to 6 months full pay.

Can you confirm whether you are referring to critical illness cover (lump sum paid out on diagnosis of a listed critical illness condition) or permanent health insurance (income protection that pays a monthly income whilst you are unable to work)?

Another forum suggested that I should notify them in anycase, as it may affect any future claims.

Once in place, you are ok. Placing new cover will be harder.  But you really need to confirm what type of cover you have as you appear to say one thing but then describe something different.

Carlington

@dunstonh @Aretnap Its Critical Illness cover, says;

'Critical Illness Insurance provides you with a tax-free cash pay-out if you’re diagnosed with one of the many illnesses covered. It’s a financial safety net that protects you and your family, easing the financial pressure that comes with a serious illness.'

dunstonh

Carlington said:

@dunstonh @Aretnap Its Critical Illness cover, says;

'Critical Illness Insurance provides you with a tax-free cash pay-out if you’re diagnosed with one of the many illnesses covered. It’s a financial safety net that protects you and your family, easing the financial pressure that comes with a serious illness.'

In that case, you should claim on the policy.  It has no impact on salary, or your work etc.    At a horrible time for you, this could make a big difference and you have no reason not to claim.

DullGreyGuy

Carlington said:

dunstonh Aretnap Its Critical Illness cover, says;

'Critical Illness Insurance provides you with a tax-free cash pay-out if you’re diagnosed with one of the many illnesses covered. It’s a financial safety net that protects you and your family, easing the financial pressure that comes with a serious illness.'

Read the policy book, it will define the conditions it covers and the severity required for each one.  Some it will be very easy to know if you're at the level or not. There is no harm attempting a claim but it can be a moderate amount of effort gathering the evidence, chasing the doctors etc which you may not wish to do if you can clearly see you arent close to the severity required. 

Assuming you are at the severity then you should claim. CI is not income protection, it's not there to only cover your salary when you are too ill to work. It gives you a lump sum which can help with home adaptation (if necessary for the illness) or just giving people a way to escape the rat race after they reevaluate their work/life balance after a major illness. 

Carlington

@dunstonh Thanks....Do you think I should staircase first or sort out this CI?