By Mike
LeGassick, Independent Financial Adviser, Manning and Company
When it comes to critical illness, we so often think, “It’ll
never happen to me”. But it did happen
to two of my clients. With their
consent, let me tell you their stories.
Matt’s story
During a meeting with some clients in January, I casually
asked after their son Matt, who was also a client of mine. It was an innocent question; but when their
response was that he was “bearing up” I was somewhat confused.
It turned out that Matt had discovered a lump
just a month before. He had it
investigated, and it resulted in the immediate removal of a testicle as it was
an invasive seminoma.
I immediately called Matt to discuss this and explained that
he might have a qualifying claim. He and
Mel had dismissed the idea originally because they thought that that there
would be no chance of a claim, as it had been caught early, removed and dealt
with and that Matt had now been given the all clear.
But the great thing about critical illness cover is that it
pays out on diagnosis. I instigated the
claim for them, and three months later Matt and Mel received a £176,000 payment
from Aviva. Needless to say they are
delighted. They have two young children
and can now move on with their lives safe in the knowledge that Matt is now
healthy and they have the funds to completely redeem their mortgage should they
wish.
Bruce’s story
I was carrying out a routine annual review with a client,
and asked how he was. He told me he’d
had a bit of a scare 8 months ago: a very mild stroke. It lasted just 24 hours and thankfully had
left no lasting effects – but nonetheless, it was a stroke.
Bruce then told me that he tried to make a claim on his
critical illness policy, but Legal and General dismissed it and told him that
unfortunately his specific condition did not warrant a claim under their policy
conditions. He told me that he never really expected to get paid anyway and so took
the matter no further.
I didn’t think Bruce had any critical illness cover – I
hadn’t arranged any for him, and he had been a client of mine for over 10
years. Bruce explained that the policy
had been taken out 18 years ago to protect the mortgage he had at that time,
and he’d forgotten to mention it.
I was curious so I asked him to sign a letter of authority
so that I could find out a little more.
I spoke to the insurer and asked them to send me their official
definition of a stroke based on the specific contract sold to Bruce at the
time. I discussed this definition with
Bruce; and his specialist also confirmed that it was precisely what Bruce had
suffered.
I pursued the claim, and a few
days before Christmas a cheque for £29,000 arrived. Best of all, Bruce remains in perfect health.
Imagine if I’d never
asked…
Both Matt and Bruce took the sensible precaution of preparing
for the unknown by taking out critical illness cover. But imagine if I had never asked the simple question
I always ask my clients – how they are!
The money Matt and Bruce were entitled to would never have been paid to
them.
Sometimes people forget the details of policies they have
taken out. And sometimes insurance
companies get things wrong, as Bruce’s story shows. This is where a financial adviser can really
help, using expert knowledge to check facts and pursue claims on your behalf.
If you think you might be entitled to make a claim, or even
if you’re not sure, get in touch for a chat.
We’re not just here to arrange policies – we’re here to make sure you
don’t miss out on the money you’re entitled to.
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