Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Critical/Serious illness insurance question

  • 04-04-2018 8:58pm
    #1
    saleagreed1
    Registered Users Posts: 3 ✭


    This may be a stupid question but I was hoping someone here can clarify something for me.

    Hypothetically, if someone took out Critical Illness insurance in 2000, and let's say the company covered stroke and heart attacks as the listed illnesses... then in 2010, the company adds cancer to the list of serious illnesses covered, then the policyholder gets cancer in 2015... what exactly does this mean? Does it mean all pre-existing policyholders who get cancer after 2010 can claim cancer as a serious illness? Or all new policyholders who join after 2010 can claim if they get cancer?

    I know it might be specific to the insurance company, and I should probably just ask them myself, was just wondering if there is a blatantly obvious answer to my query here first.

    Thanks in advance for your help!


Comments

  • #2
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    No, it would only apply to new policies taken out after the new conditions were added.


  • #3
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    I'd actually check with the company. I had a similar query many years ago about additional illnesses being added to a policy type I had taken out with a company after I took out mine, I have a letter from them confirming that these new illnesses applied to my policy too.


  • #4
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    phormium wrote: »
    I'd actually check with the company. I had a similar query many years ago about additional illnesses being added to a policy type I had taken out with a company after I took out mine, I have a letter from them confirming that these new illnesses applied to my policy too.

    I don't know how that'd be possible, you are entering into a contract with the company and then they are changing the terms.


  • #5
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    ANXIOUS wrote: »
    I don't know how that'd be possible, you are entering into a contract with the company and then they are changing the terms.
    The terms of a contract can be changed if all parties agree. With insurance policies, it often happens that the terms are changed at the time of annual renewal.

    In this case, the only way to get clarity is to ask the insurer.


  • #6
    saleagreed1
    Registered Users Posts: 3 ✭saleagreed1


    Thanks for all the input! Unfortunately, it's not as straightforward as I had hoped so I'll call the insurance company and see what they say. Thanks again


  • Advertisement
  • #7
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    P. Breathnach wrote: »
    The terms of a contract can be changed if all parties agree. With insurance policies, it often happens that the terms are changed at the time of annual renewal.

    In this case, the only way to get clarity is to ask the insurer.

    Insurance is different to what we are talking about as you are taking out a new policy each year.

    The medical definitions on older critical illness policies are generally much less onerous than they are at present.

    I would be very surprised if any life office changed such a big part of the contract in the favor of the client.


  • #8
    phormium
    Registered Users, Registered Users 2 Posts: 3,345 ✭✭✭phormium


    Right, I have an excellent filing system so was able to put my hand on the letter very quickly.

    It reads, thank you for your phone call of 2/8/96. I am writing to confirm that your policy covers the additional serious illnesses that have been added to the list since you commenced your contract. If you have any questions blah blah contact etc

    Letter is on Irish Life headed paper and signed obviously.

    They had confirmed it in a phone call but I had asked for it in writing.

    So I think the only person who can answer the question properly is the company in question.


  • #9
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,727 Mod ✭✭✭✭Henry Ford III


    Serious illness definitions are amended all the time, and provided the potential claims covered are getting wider there's no issue.

    I'm looking at 2017 claims for specified illnesses for a leading insurer. 96% of claims were cancer, cardiac, or neurological.


  • #10
    ANXIOUS
    Registered Users, Registered Users 2 Posts: 3,095 ✭✭✭ANXIOUS


    Henry Ford III wrote: »
    Serious illness definitions are amended all the time, and provided the potential claims covered are getting wider there's no issue.

    I'm looking at 2017 claims for specified illnesses for a leading insurer. 96% of claims were cancer, cardiac, or neurological.

    The potential claims covered are getting wider as you would expect but meeting the definition is getting harder.

    Today I looked at an example of this in the terms and conditions from a policy in the 90's and then today.

    The older policy will payout on being diagnosed with MS from a consultation, now you need to have a lumbar puncture confirm it and you must have multiple symptoms present over a period of time.

    Pharmium, I'm glad you have it in writing and am still surprised a multi national company would widen their expose to a claim when there was no legal reason for them to do so.


Advertisement