Why It Pays To Check The Small Print Before Buying Critical Illness Cover
When it comes to critical illness insurance, reading the small print in your policy is absolutely crucial. Depending on the company, up to 25% of critical illness claims are rejected and most of these situations come down to the policy holder not understanding the finer points of their policy.
The increasing amounts of negative publicity surrounding cases in which people with critical illnesses are unable to get their insurance company to pay out dissuade many people from getting insurance they might potentially benefit from. However, when you consider that 20% of men and 17% of women will suffer from a critical illness before they reach 65, insurance begins to sound like an attractive option.
Heavily publicised cases of insurance companies refusing to pay for critical illness claims have led to a significant amount of consumer mistrust in this type of insurance. However, it’s important to note that in most cases, one of three issues is in play; the policy holder did not disclose important medical information when they applied for the insurance, they did not follow company...
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