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How will a critical illness claim be paid?
If you have a claim a Critical illness policy pays you a tax-free lump sum normally by cheque. Then, as soon as you receive the payment. the policy will terminate.
Hot Topics
- How long should you insure for?
- 20 to 25 years is most common but it really depends on how much you can afford and your personal circumstances.
- Can You Include Your Partner On Your Critical Illness Policy?
- Yes, as with Life insurance, Critical Illness policies can insure one or two lives.
- Will you need a medical if you apply for a critical illness policy?
- In order to correctly assess the risk they are being asked to accept an insurance company may require further information from your GP or request that you undergo a medical. In most cases these medicals only take five or ten minutes.
- What happens if your condition improves after making a claim on your Critical Illness policy?
- Once the insurance company has paid you the money is yours to spend how you like. The policy is terminated and your insurer has no interest on how you live your life or indeed whether your condition improves or is healed.
- What if you develop another critical illness or have a reoccurrence of a Critical Illness ?
- After a successful claim the insured sum will be paid to you and that ends the policy. There can be no further claims.
Please note that all insurance companies require you to survive for a specified number of days following your diagnosis in order to make a valid claim. This “survival period” is normally 28 days although some insurers have reduced it to 14 days.
The proceeds of an insurance claim are free of income and capital gains tax. There are no deductions. This means the entire amount of your claim is available for you to spend in any way you decide.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- What conditions are considered critical?
- How do you go about making a claim under your policy?
- Can a claim still be made if the policy is lost?
- Is there a maximum / minimum premium for critical illness cover
- Will a claim for critical illness affect any State Benefits?
- What could critical illness cover be used for ?
- What is critical illness cover ?
- What decisions will you have to make before you can get a quotation?
- Will you need a medical ?
- What is “Total and Permanent Disability”?
- Can You Include Your Children On A Critical Illness Policy?
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