Suffering a stroke or any other Critical Illness often has a huge impact on your finances and your ability to work. Throughout our adult years, a Life-threatening medical conditions often occur when we least expect them. After all, many severe medical conditions do not provide prior warning of when they may strike.
However, the statistics show that every year in the UK more than 100,000 people suffer from a stroke as detailed by Stroke Association. Which statistically works out as stroke impacting someone every 5 minutes. For many stroke patients, recovery is possible, in the UK 1.2 million stroke survivors are recovering. However, although medical advances help people who have suffered a stroke. The financial impact caused by loss of earnings through not being able to work can cause additional health worries.
This is one of the many reasons that people make the decision to take out Critical Illness Cover.
In Today’s Guide:
Will A Critical Illness Cover Policy Pay Out After A Stroke?
Almost all Critical Illness Cover policies do protect against strokes as a core condition. But it is important to check your policy documents to confirm that the policy definition offers the right level of protection.
Because each insurer is different, with each provider having their own definitions and acceptance criteria. It is worthwhile to understand the general accepted definition for a person suffering from a stroke.
“The death of brain tissue due to inadequate blood supply or haemorrhage within the skull resulting in permanent neurological deficit with persisting clinical symptoms.”
If you do need to make a claim on your Critical Illness Cover policy caused by a stroke. An insurance company will assesses your claim and decide if it matches their accepted definition. If it doesn’t quite fit their definition, an insurer may reject your claim. For some policyholders this may be frustrating if they have continuously paid monthly premiums to protect themselves.
However, the claim process can be reviewed and insurance providers will work with you and your medical specialists to try and potentially resolve any disputed claims.
Another point to remember is that some Critical Illness Cover insurers may delay paying out for a claim for up to 90 days if there is a deferment period. This can cause further problems for people making a claim on their policy. Especially because many claimants will be relying on their claim payment to cover bills or a mortgage payment.
Because of these potential pit falls, it is important to use an FCA regulated broker, like Life Insurance Cover who can check the claim rates for all of the insurance companies.
Will A Policy Cover Mini Strokes?
A TIA (Transient Ischaemic Attack), is often referred to as a mini stroke. It has many similar symptoms to a stroke but only lasts a few minutes. Usually a TIA causes no permanent damage to individuals. However, it can still impact communication skills, mobility and independence. Some Critical Illness insurance providers may not include it within their list of covered illnesses.
It is very important to remember that some insurers can reject a claim if there is insufficient evidence of a mini stroke. If you do need to make a claim, you may be asked to provide additional evidence of a definite diagnosis supported by scans or tests.
If you have suffered a mini stroke and are about to submit a claim against your policy. A quick phone call or email to insurer beforehand to find out what evidence will be required. Will help you to save time and help you to gather the required documents prior to sending your claim to the insurer.
Although some insurers do not include mini strokes in within their policies, there are still many providers those that do. By using an experienced broker, who are able to search and compare all of the insurers who include mini strokes. Will allow you to find the best protection policy for you and your family.
How Do Insurers Calculate The Premiums?
Monthly premium prices for Critical Illness Cover protection vary between each individual provider. This is often because of the level of cover requested by a customer and their underwriting criteria for each individual person. Other factors that will impact the monthly cost of your Critical Illness protection Cover include:
- Medical history
For many people it can be tempting to choose the cheapest protection policy available. However, this may not always the best option for you and your family. It may have less benefits, including which conditions you can get covered for. There are many cost effective Critical Illness Cover policies available that provide cover for strokes, mini strokes. By using an FCA regulated broker to search all of the providers, you can find the best and affordable monthly premiums.
How Can I Find Critical Illness Cover For Stroke?
A loss of independence caused by a severe medical incident is a lot to cope with on a day to day basis. For many stroke survivors the reassurance of a successful claim payment can help to cover monthly expenses or to fund the cost of a healthcare professional.
How Can I Be Sure That My Policy Will Protect Me?
By using an experienced team of FCA regulated advisors to find the best policy at the right price for you. With many policy documents, they are very hard to understand and not easy to read. Our team of specialist advisors can quickly identify any difficult clauses. Providing you with the peace of mind that if you need to make a claim after having a stroke, your policy will protect you.
By using our extensive experience and knowledge of the Life Insurance and Critical Illness Cover industry. We can help you to find an insurer who are most likely to make a claim payment if you need to make a claim. By comparing the market of providers, we can find you an affordable yet fair amount of cover.
If you have any existing policies, it could be worthwhile discussing them with our team to see if it should be replaced or even improved upon. Because policy types change all the time, it is important to review protection policies regularly.
Check To See If They Pay Out For Stroke Claims
Before deciding on which provider will protect you for the long term future, it is important to check their claim statistics. By checking each insurer’s claims figures will give you an insight into the likelihood of you submitting a successful claim. Incidences of stroke usually make up approximately 6% of all successful critical illness claims.
Doing research into claim statistics can be time consuming, so you may want check our useful guide into last year’s claim statistics. All insurance companies are now legally obliged to provide their claim statistics, some choose to publish their data, whilst a few only provide information on request.
By comparing providers claims data, will help you choose the best provider for you and your family. Alternatively, simply complete our quick no obligation quote form and we can help you compare the claims per insurer.
Compare Critical Illness Insurance Policies
Start comparing Critical Illness Cover for strokes today with help from Life Insurance Cover. Our team of specialist advisors search for new protection policies every day. By using an FCA regulated broker, you can be reassured that every policy will be fully explained to you. Our free no obligation quote service can help you to protect your loved ones today and for the future.