Hi All,
I have a life insurance policy which doesn’t pay out for critical illness (despite statements for three years rumming stating that it did - that’s another story) so I have paid in for 18 years and won’t receive anything until I am gone. I have noticed, though, that the policy expires in 2010. What will happen then? If I am still alive then, will the policy cease? In which case there will be no hope of getting another LI policy from them or another provider, given my prognosis… Will there still be a ‘pot of money’ I can claim back?. I would be furious if, having paid out all this time, they wriggled out of their obligations at the last minute and we were left with nothing.
Any advice would be very welcome
Jacquie
Hiya Jacquie,
Im sorry but I don’t know much about Life Insurances…except that I didnt have critical illness cover so was stuffed when I was diagnosed last year with my primary BC.
I was diagnosed in May this year with secondaries to my liver & a rib. Had a read up on my Life Insurance and saw that I had terminal illness cover, so I spoke to my Onc who agreed to fill in the forms for me so that I could cash in my insurance.
Thankfully my claim went through pretty quick & with no hitches and I was paid out.
I dont know where you are with your cancer? (ie, primary? secondaries?)…could it be possible for you to claim under the Terminal Illness cover if you have that option???
I will keep my fingers crossed for you chuck.
X X
Hi Jacquie
Here is some information posted earlier in another thread which may also be of help to you:
Cancer backup has the following advice on its website:
'Mortgages, pensions and life assurance
It is sometimes difficult for people to obtain life assurance, a pension or a mortgage after a diagnosis of cancer.
Some financial services companies offer life assurance policies, mortgages and/or other financial services to people with cancer. Each company will look at the person’s situation (the type of cancer you have and the length of time since completing treatment) and may need to discuss your circumstances with your doctor before deciding whether to offer you a policy. The company can only advise on its own policies. You may be charged a higher premium than usual for a policy and most companies will not offer policies until two to three years after you have finished treatment.
As companies have different charges and conditions for their services, it may be helpful to contact an independent financial adviser (IFA). IFAs can contact several life assurance companies or mortgage lenders on your behalf. IFAs offer independent advice and can let you know which companies offer the best terms for your individual situation. IFAs may charge a fee for their initial search or take a commission when a policy or mortgage is arranged.’
Best wishes
Lucy
Jacquie, check whether you have a convertible term insurance policy. It means that you can extend the period of cover for a specified number of years, if you want to.
I took out a life insurance policy about twenty three years ago. I thought it would only pay out when I died, and that my cover would expire in a couple of years time. It was designed originally to cover my mortgage. When I checked I found out that I can extend the term - without any need for a medical, or any further questions. So that’s what I will be doing.
Deirdre
Oh jacquie this explains alot why they are being such bastards with your claim, they reckon they have a pretty good shot here at not paying…these are helpful comments above but you really need to push the complaints procedure etc…i really would write to the papers on this…I really feel for you on this as I have had my own issues here,
cathyXX
Thanks everyone for your replies. Will do a bit more sniffing around…
Jx