What won’t my critical illness insurance plan pay out on?
There are a few reasons when your critical illness policy will not pay out, for example the main one is if you don’t give the company concerned all the relevant facts when underwriting the case. The other main ones are: -
Suicide, the policy will not pay out if the life assured has committed suicide within 12 months of the policy starting. War, the policy would not normally pay out if there was a civil war, riot rebellion or revolution. If the life assured died as a result of a self inflicted injury they would also not get paid out.
Living abroad, if the life assured lives abroad for more than 12 months then the plan will not payout. This is not always the rule and with some companies so long as you continue paying the premiums with a UK bank account and the claim is made into a UK bank account this is usually sufficient.
Pre-Existing conditions. A claim will not be met if it is directly contributable to a medical condition that the applicant was aware of when he or she took out the plan. If the life assured was taking part in a dangerous sport or activity at the time of death the plan will not pay out. This could be something such as boxing, caving, motor sport, yachting or pot holing etc.
Flying is another claim that will not be a pay out on your policy, so long as your not flying in a commercially licensed aircraft in which case it will pay out. Alcohol or drug abuse, a claim is not normally paid if it is as a result of drink or drugs. In addition to this HIV is another claim that will not be paid out on if the HIV or AIDS is as a result of sexual activity or drug abuse.