Serious Illness Cover with it The Britain Assurance Showroom
Serious Illness Cover is a relatively new proposition offered by Pru Protect and is totally different from a critical illness contract that is offered in today’s market by most insurance companies. The most important thing to appreciate is that serious illness cover tends to cover more illnesses but then on diagnosis or claim the claim would be based on how serious the illness you have is. The amount paid will vary between ten percent and one hundred percent of the sum assured, normally up to a maximum of five hundred thousand. The cover would also usually cover any children that you have. The cover can be taken out either on a fixed term or a whole life, if your plan has life cover attached the serious illness cover must have a date of expiry on or before your life cover date. To make a claim the condition must be one of the specified illnesses within the contract and you must survive at least fourteen days after the life changing event which causes you to claim. Normally you would not have to tell the provider if your occupation had changed but in the event of a claim they would certainly need medical evidence and would probably write to your general practitioner or any specialist who was treating you.
Then their chief medical officer would determine whether your claim was valid and if appropriate which severity level applied to your condition. It is possible if your severity was most severe then they could pay a hundred percent of the sum assured. In the event that you had several claims for the same illness they would only pay one claim but at the highest severity level. It is possible however to make a claim and then if subsequently the severity of your condition increases it may be possible for them to make another payment to top up to the highest severity level. It is also possible to make a claim for one condition and then possibly make another claim for another condition if it is claimed under a different body system category.
Sometimes people may want to consider the policy that they already have that is in force and whether it may be beneficial or not replacing that policy. It is normally reasonably easy to compare a life cover contract as there are less parameter’s to consider. Price, length of term or whether guaranteed or reviewable would normally be the main consideration, but there are other benefits which do need to be considered i.e. terminal illness on most contracts within life cover would not apply within the last eighteen months of the term. Ageas Protect as at 3rd of March 2011 would include terminal illness through the full term of the contract. It is much more difficult to compare a critical illness contract arranged previously to a contract available today, the reason for this is most insurance companies have progressively increased the number of critical illnesses that you can claim on within their contract. Also some insurers are now making partial payments for several new conditions over and above the standard illnesses. The most important thing to clarify if you are considering a change is to check whether the severity level of any illnesses have been reduced therefore making it harder to qualify a claim. Many companies have increased in severity level needed to successfully claim on cancer in recent years. Therefore it is very difficult to compare old and new contracts because in reality there are likely to be advantages and disadvantages. Most people tend to assume that most contracts are similar if not the same and normally consider their purchase primarily based on price. It is therefore ideal for people to request a copy of the plans key features in order that they can make an informed judgement. The necessary term of the policy does make a big difference to the costing e.g. a shorter term policy will normally be cheaper than a longer term policy and therefore this would be an important factor if someone were to consider a replacement plan. Another really important consideration would be the current health situation because if somebody’s health had deteriorated since their original application and they were to seek a new costing it may not be available on a standard premium.
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