Life Insurance

A question about : Life Insurance

Hello,

I think I know the answer to this but we had been paying alife insurance policy for 11 years and then cancelled it. 6 weeks later we weregiven a cancer diagnosis which apparently had been around undiagnosed for 12months whilst we had the policy. Is it worth contacting the insurance companywith regard to critical illness cover or as I suspect have we made an error incancelling. Thanks in advance.

Best answers:

• Unfortunately, I fear you already know the answer.
  What an awful stroke of bad luck and poor timing. I feel your pain, but try not to waste precious time and energy looking backwards and being cross about what might have been. Instead focus forward. I wish you and your family all the best
• Many Thanks for the reply we were 99% sure of the answer but that 1% of hope was lingering!
  Thanks again we are moving forward slowly but surely!
• !!!!!! isn't it.
  The positive side is that as we hear on the tv, for the first time in history, more people are surviving cancer than dying from it, and that's good..
  Good luck
  x
• Talking to some of the life actuaries here they believe it is variable and ultimately you need to read the actual terms of the policy.
  Most the trigger is date of diagnosis and it requires the policy to be in force at the date of claim but they all say they know of cases where a claim has been accepted when there is no doubt the critical illness occurred during the policy despite the diagnosis happening after cancellation but that they were hard fights in most cases.
• Thanks all, I have been putting off looking at the policy but I think I need to for my own peace of mind. I will look tonight and see what the trigger is. Thanks again and thanks for the good wishes.
• You did actually have critical illness cover as an addition to your policy, not just the usual terminal illness "accelerator" attached to a term assurance?
  There would be a considerable cost difference, with critical illness cover with life cover costing perhaps four to five times as much as life only.
• As previous post has stated did you just have Life plan only - death policy? or did it have additional benefits such as Critical Illness and other additional benefits? - If you did have a add benefit such as CI then it could still pay out even if the policy is cancelled - It is dependent on when the diagnoses was made and if the plan was still in force at the time.
  Call the insurance company up as soon as possible and explain