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Is there a waiting period to receive payment on a Critical Illness claim?
All Critical Illness policies require you to survive a specified number of days following diagnosis in order to have a valid claim. The typical survival period is 28 days but some insurance companies have reduced this to 14 days.
Hot Topics
- Why, when you only want Critical Illness cover, should you consider combining it with Life Insurance?
- Two good reasons: You are likely to save money! And if you died within the survival period (see below), the claim would still be paid under the terms of your Life Insurance.
- Are Critical Illnesses In Pregnancy Covered?
- Pregnancy does not affect any claim under critical illness insurance. It would be hard to make a case that pregnancy was a ‘self-inflicted injury’!
- Are future children included on a Critical Illness policy?
- All natural, step and legally adopted children are insured under a Critical Illness policy so long as they are aged between 1 and 18 years (although some companies only consider children from aged 3).
- 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.
- 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.
- you are the policyholder
- your date of birth has been verified
- and they have received the necessary medical report from a consultant, who is a specialist in your diagnosed condition.
The money you receive would be tax-free.
Frequently Asked Questions related to the above topic.
Click below if you wish to read them: -
- What could Critical Illness cover be used for?
- How much Critical Illness cover do you need?
- How much does critical illness cover cost ?
- How long should you insure for?
- What decisions will you have to make before you can get a quotation for Critical Illness insurance?
- What conditions are considered critical?
- Can you increase or decrease your critical illness cover at a later date ?
- What is the difference between Critical Illness cover and Terminal Illness cover?
- Will a claim for Critical Illness affect any State Benefits?
- Are you allowed to continue working after a Critical Illness claim?
- Can the critical illness policy be continued after a claim ?
- Is there a minimum or maximum amount of Critical Illness cover available?
- Are Critical Illnesses In Pregnancy Covered?
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