Critical illness

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Djgaz
Djgaz Posts: 5 Forumite
in Credit file & ratings
Hi advise plz my critical illness claim has just paid out £28700 however the policy states critical illness we will pay the greater of £28700 and the value of your fund. To me this means I should also receive the value of my fund but the company say not are they correct.
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  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    You will need to ask them.

    We don't know what company it is, what their terms say and this is the credit file and ratings boards.
  • CakeCrusader
    CakeCrusader Posts: 1,118 Forumite
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    Djgaz wrote: »
    Hi advise plz my critical illness claim has just paid out £28700 however the policy states critical illness we will pay the greater of £28700 and the value of your fund. To me this means I should also receive the value of my fund but the company say not are they correct.


    Are you certain that it doesn't say 'we will pay the greater of £28700 or the value of your fund'? It's usually one or the other, but you need to check your policy. The MSE team can move your thread to the appropriate place if you hit 'report' and ask them.
  • Djgaz
    Djgaz Posts: 5 Forumite
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    It definitely says and the value of your fund. Not (OR)
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It will be either /or (ie the greater). If it was both, there would be no greater.
  • kingstreet
    kingstreet Posts: 38,767 Forumite
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    The "greater" is the giveaway here.

    You have been paid the greater of £28,700 and the fund value because the fund value is less than £28,700.

    You should not interpret the "and" as "plus" in this context.

    It would have been better worded as the fund value, or £28,700 whichever is the higher, IMHO.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • dunstonh
    dunstonh Posts: 116,378 Forumite
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    duplicate thread
    https://forums.moneysavingexpert.com/showthread.php?t=5846465

    Any chance a board guide/moderator can merge this one into the other which is in a better location (although insurance section would likely have been best)
    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.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    It's clumsily phrased but still clearly means you get one or other whichever is the greater, otherwise the word "greater" would be redundant and it would simply say "we'll pay the sum assured and the value of your funds. No need for "greater".

    Once it says "greater" then you are only getting one thing, and it's nonsensically to believe otherwise. I suppose you cling to your reading of it because you read ut that way and don't want to be disappointed.

    My sincere sympathies for whatever is causing the payout.
  • System
    System Posts: 178,094 Community Admin
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    Djgaz wrote: »
    Hi advise plz my critical illness claim has just paid out £28700 however the policy states critical illness we will pay the greater of £28700 and the value of your fund. To me this means I should also receive the value of my fund but the company say not are they correct.

    I agree with them. They will either pay which is the greater, the £28700 or the value of your fund.
  • Djgaz
    Djgaz Posts: 5 Forumite
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    This is why it should say (OR THE VALUE) but is says (AND THE VALUE)
  • kingstreet
    kingstreet Posts: 38,767 Forumite
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    You are still choosing to interpret "and" as plus when that isn't what was intended. It should be interpreted as or, in this context.

    As has been mentioned, "greater" would be redundant if the intention was to pay you £28,700 plus the fund value...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
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