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If you were to suffer a serious illness, how would you cope financially? Critical Illness Cover is a financial product that would provide a lump sum should you be diagnosed as having a serious illness. The money can be used for any purpose that you choose, including repayment of a mortgage, specialist healthcare, or extra comforts. The ten most common claims are:
Source: Scottish Provident 2002 Why? Most of you have responsibilities and liabilities that you would struggle to pay should you become seriously ill. As a rule your financial adviser or bank should offer Critical Illness Cover to all of you who request a quotation for Life Assurance. This may be at the point you take a mortgage, or provide personal insurance to cover a partner. Financial Advisers are responsible for keeping the world informed about the products that are available to secure your financial future. There are many instances of claims on policies that have been sold the past, and this reinforces the reason why this type of cover is to be recommended. In the past you may not have taken the opportunity of cover, and there are a number of imminent changes you should be aware of to the way premiums are calculated and claims are treated in the future. These will affect the terms under which YOU will be able to obtain cover. Future The ABI has proposed many changes to the definitions
adopted by Life Assurance companies for illnesses covered. Here are a few examples Heart Attacks The evidence required will be more and include Trepodin tests, as well as ECGs. Prostrate Cancer The use of internationally approved grading systems will be introduced. It's predicted that a number of claims paid in the past would not be paid in the future. Terminal Illness Immediate payment of benefits for the terminally ill
has been removed on some contracts. Diabetes Benefit payment has been removed on some contracts for people who become Diabetic. Guaranteed Rates Guaranteed premium rates are under threat, with many companies only offering reviewable rates. This means that if claims experience of the insurer is poor, then your premium will suffer. Premiums Some companies are taking the opportunity to increase the base premiums they charge for cover to certain age groups. All these changes cannot be applied retrospectively
and any policy that is taken on the old definitions will remain the same. Next Step For Gay Men Even though the majority of critical illness policies do not pay benefits in the event of HIV and AIDS, Gay Men are still asked personal questions relating to their lifestyle when applying for this type of insurance. These questions often pry into sexual behaviour, monogamy, our partner's behaviour and past sexually transmitted diseases. These questions are often followed by a request to take a HIV Test and Loaded Premiums. Before you make an application, you should contact a financial adviser for advice, but make sure they are used to finding cover for gay singles and couples. They will know which companies are relaxed towards single/gay
men and which take a discriminatory stance. You should not need to answer
personal questions and accept higher premiums because you are gay. Pink
Finance recommends that you don't! |
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