"Dread" policy

stedwell

Hi
I have a "dread" policy. I don't know the official term for it. It's the policy that pays out before you die if you have a terminal illness or lose a limb or something. Thing is - it is costing over £50 a month for me and my husband and I have been reading lately that itis getting harder to make claims on these kinds of policies. Is it worth keeping as it is so expensive?
Thanks

dunstonh

critical illness not terminal illness. Both have different meanings.

Ignore what you read, the vast majority of claims are paid on these. I posted some stats recently and it was a tiny amount that was actually refused.

As long as you have a guaranteed policy and not reviewable, then the terms cannot be changed and if you havent given false information on the application, then you are fine.

scheming_gypsy

stedwell wrote:

Hi
I have a "dread" policy. I don't know the official term for it. It's the policy that pays out before you die if you have a terminal illness or lose a limb or something. Thing is - it is costing over £50 a month for me and my husband and I have been reading lately that itis getting harder to make claims on these kinds of policies. Is it worth keeping as it is so expensive?
Thanks

they cost an arm and a leg don't they..

stedwell

Ha ha - very good!!!
Looks like I'd better keep it then. Thanks.

SPENCER

They have been featured on BBC Watchdog many times and most recently Tonight With Trevor McDonald.

The cases featured were genuine claims and the Insurance Companies had rejected them for silly reasons such as a lady who claimed for breast cancer but because she had visited the doctor some years back with back ache (one off complaint) and not declared it when she applied for the policy, the claim was rejected. How many people can remember all the times they visted their doctors over the years and remember every ache and pain they had?.

I have a negative view as my claim has been waiting for an Ombudsman hearing for 10 months. I had met the policy conditions. However the insurance co. amended their policy wording 2 years ago (as have most of them) and are refuting my claim which appears to be based on the newer definition.

If you agree a contract then it should not change unless it's reviewable (mine isn't). Some insurance companies are very unscrupulous.!