Author : Michael challiner
Hearing that you have cancer is devastating news At some stage in our lives, one in three of us will suffer from the disease It is not surprising that BUPA found that of all diseases, cancer gives Britons the greatest concern
At this difficult time you would expect an immediate pay out by your health insurance company, enabling you to concentrate on getting better Sadly you could receive a big shock Many cancer patients make a full recovery thanks to advances in medical science Nowadays some cases are not even looked upon as serious, so it is alarming to learn that many health and life insurance policies only pay out when your condition is terminal or life threatening
Peter Chadborn, an independent financial adviser, warns that people should not presume that they will receive a pay out just because they have been diagnosed with a serious condition He advises people not to focus on the cost alone when taking out insurance, but to read the small print in a private medical or critical illness policy to ensure that the company will pay you when you need it most
On the diagnosis of a specific condition, critical illness cover will pay out a lump sum Whereas you will receive improved quality and speed of treatment with private health/medical insurance For example, suitable licensed drugs maybe available, which are not dispensed on the NHS Matt Morris of independent advice firm LifeSearch says about 16 per cent of claims fail on protection policies and at least half of those are rejected because they dont match the criteria for a serious illness
An example of a claim, which may fail is a slow growing, localised cancer, like a non-aggressive skin cancer, because it does not threaten your life It is often thought that applications for a pay out fail because a pre-existing condition has not been mentioned, but actually more people dont receive a pay out because their condition is not severe enough Mr Morris adds that policies should pay out for severe illnesses and diseases However some cancers sound worse than they are and in these cases you probably wont receive any money from traditional policies
At one time insurance companies had an all or nothing approach, but they are now starting to offer policies with a full or partial payout An example is PruProtect, an alternative critical illness policy from the Prudential, which relates the size of the pay out to the severity of the illness and how much hardship it will cause This policy does not become void once a claim is made but subsequent pay outs may be reduced significantly This feature is particularly important when the patient is diagnosed with a stage-one or stage-two cancer, which may become even more serious
Recently the insurance industry addressed the vexed issue of customer non-disclosure The Association of British Insurers has brokered a new agreement, which will enable claims effected by non-disclosure to receive a partial or full pay out, which has not been the case in the past
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