Critical Illness Heaven

Four years ago when James Halliday was told he had a brain tumour, life was wouldn’t ever be the same again but following a traumatic operation his recovery has been excellect. However he lives with the thought that the tumour could re-occur at any time in the next ten years. He will also have to take tablets to reduce his epilepsy for the rest of his life.

Mr Halliday, who is now forty one, thinks he is the “luckiest man alive” to have come through it. However he is no longer able to get life insurance.

Mr Halliday and his partner have a 4 year old son, Ethan, and a year ago they moved from Manchester to Bramhall in Greater Manchester. The family remortgaged £85,000 with the Abbey National but James was unable to protect the debt with life assurance cover in his name.

“The Lloyds TSB’s underwriters would not give me life assurance. My wife, Sheila, has critical illness insurance (CIC protection) and life assurance cover for the whole mortgage,” he says.

The possibility of getting life assurance are extremely unpromising if a request is put forward in the first two years of succumbing to a dangerous form of cancer or having had a heart attack. Should the patient make a complete recovery within a set period, typically between three to five years, insurers will consider covering them again but might put a “loading” on to the rates. In lots of situations this could be as much as 8 times the premium that other healthy people pay.

During the first four years following an operation, someboby in James’s situation would be refused cover. After this set period, life cover should be easy to get “but at a highly priced premium” and cheap cic insurance protection will be almost impossible.

The life insurance company which underwrites for high-risk clients (those people who play hazardous sports or with serious medical problems is the Special Risks Services. It claims to have a achievement rate of 75 per cent when putting its clients with insurance companies. Special Risks Services declared that it will be a further year before they may be able consider an application from Mr Halliday. Rates would definitely be steep because of his epilepsy and because there would still be an increased mortality risk compared to the general population. Unless a policy purposely excluded cancers, James will without doubt be refused any critical illness insurance cover.

Therefore as a result of independent financial advice, the Halliday family has saved up 8 months emergency money and put it to one side, effectively a self-insurance cover.

And there is a bit of good news for James. Allied Irish, his previous mortgage provider, has permitted him to keep fifty-five thounds pounds of life life insurance from an existing policy – although at a cost of 50 pounds a month. This type of policy is called a Guaranteed Insurability Option and means the insurers will allow the insured up to half of the original amount assured without underwriting.

It is not just severe medical complaints that can influence  life assurance. Simon Harris, chairman of Malvern Sports Club had his first application declined because of a minor illness. Numerous trips to doctors and no end of phone calls to Scot Prov they  sorted things out. Mr Harris’s counsel to anyone in the same boat is to make an application first and assist it with a full medical report.

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Summary:
This is the 2nd of two related articles about Accident cover and other interrelated varieties of personal insurance. If you find this article helpful you may like to read Health Insurance Dont Break The Bank.

Check up to see whether your company supplies accident cover for you? Many firms do without the employee being aware or remembering. Therefore if you feel the need for this kind of insurance cover, it is well worth finding out.  Also remember that accident insurance may incorporated in your life assurance cover.

If you already have a life insurance p0licy and have enough money to strengthen your protection, then it may help to consider a fairly insignificant extra premium to buy something like an income protection policy, which would mean that you’d receive a monthly income whilst off work or even until retirement.

Income protection insurance policies have be developed to provide you with a sum of money each month, whilst you are not able to work because of an accident or illness. They are constructed to pay out until you reach retirement age. There are other alternative insurances which come under the name of Accident and Sickness Insurance, that will pay out for a set period and many of these also include cover for unemployment.

The Financial Standards Agency keep a careful eye on the way in which consumers buy general insurance policies and have stated “There may be a risk that customers buying it may not understand the limitations ….” 

Also, it was accentuated that they were concerned regarding the low rate of claims on these insurance policies which could be the cause of expensive pricing and a lack of competition. In another FSA investigation, this one based on “cold calling” selling procedures, the regulator was judgmental of the extremely poor sales standards for various policies and warned that the advantages of accident insurance were “occasionally inflated”.

The low rate of claims, refered to above, represents the proportion of money paid in claims, against that received in payments is usually low.
As a result, it’s questionable that pure accident insurance cover would assist you enormously. It would seem to be a lot better then, to use an insurance product that amalgamates disability or death insurance within a really all-inclusive online life assurance cover.

A lot of people are unaware that many of the normal credit cards, such as Capitol One, Barclay card, Natwest, Virgin Money to name a few, supply “travel accident” cover of up to £110,000, that covers you for death or accident which takes place while in transit which is paid for using their card.

When you have a moment, it would be prudent to sit down and see just what you have in the way of insurance. As perceived, some, in fact a lot of, forms of insurance cover have various benefits and it may be a good time see just what insurance cover you do have and make sure that your circumstances haven’t changed your insurance requirements.

You’ll get all the help that you need by going on-line and checking out a specialist adviser, you can assess your individual needs, test any uncertainties you have concerning new insurance covers and generally explore a very varied industry to discover precisely the right policy for you and your loved ones.

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Summary:
This is the 2nd of two related articles about Accident insurance and other interrelated types of personal cover. You may also wish to read Health Insurance.Dont Break The Bank

Have you checked whether your boss provides accident cover for you? Lots of firms do without the employee being aware or remembering. Therefore if you want this type of cover, it is well worth finding out But remember that accident insurance cover may incorporated in your life insurance cover.

If you do already have life cover and have enough money to top up your insurances, then it may be beneficial to think about a fairly slight extra premium to purchase something in the vein of an income payment protection policy, which would mean that you’d receive a monthly income whilst off work or even until retirement.

income replacement insurance policies have be moulded to provide you with an amount of money each month, whilst you are off work because of an illness or accident. They are constructed to pay out until you reach retirement age.

here are other insurances which go by the name of Accident and Sickness Insurance, that will pay out for a restricted number of years and a few of these also contain cover for unemployment.

The Financial Standards Agency keep a careful eye on the way in which the public buy general insurance policies and have warned ”There is a chance that clients buying protection insurance may not comprehend the limitations….”

Also, it was stressed that they were worried regarding the low amount of claims on these insurances which could be the result of expensive pricing and a lack of competition. In another FSA investigation, this one built on “cold calling” selling techniques, the regulator was critical of the particularly poor sales ethics for various products and cautioned that the advantages of accident cover were “occasionally inflated”.

The low rate of claims, pointed out above, indicates the amount of money settled in claims, versus that received in payments is generally low.

Thus, it’s unlikely that pure accident cover would assist you enormously. It would appear to be a lot better then, to use a product that mixes death or disability insurance within a really broad life asurance cover

Most people do not know that many of the ordinary credit cards, such as Virgin Money, Egg,  Natwest,Halifax All In One, Capital One and  Barclay card to name a few, supply “travel accident” cover of up to 120,000 pounds, that covers you for accident or death which takes place whilst on transport which is aquired by using their card.

When you have a little spare time, it’s a good idea to sit down and find out just what you have in the way of insurance policies. As we’ve seen, some, in fact many, kinds of insurance cover have numerous benefits and it may be right time to go through just what insurance cover you do have and make certain that your present lifestyle hasn’t altered your insurance cover needs.

You’ll get all the help that you need by visiting the internet and checking out a professional insurance, you can evaluate your particular needs, verify any reservations you have regarding new policies and generally search a very wide industry to discover exactly the right insurance policy for you and your family.

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