It can be very time consuming to decide on an insurance plan you would like. You may have family members or friends who have already taken out a life insurance plan and may pass their knowledge onto yourself, however it is better to keep an open mind as different plans suit different people and it is advisable to get a contract that suits your circumstances not someone else's. When looking at life insurance it does not need to be looked at in great detail compared to other contracts, so the advice of friends or family may help in terms of deciding on upon a company you trust and who may of provided a good service to others. The contract pays out upon death and therefore this is fairly straight forward, where as a critical illness contract may prove more difficult as you want to ensure for example the company you choose has a good claims history and will pay out when you need it to. There would be no point hiding a claims history of a provider as people in the industry would be able to list of providers they see have a very good claims history in comparison to others.
It is very well choosing a contract that covers you for the most illnesses but if they have a lower claims history percentage than other providers, it may be worth looking at a provider who has a better claims history, and therefore if in the event of a claim you will be paid out the lump sum agreed at onset. If a claim is made there are various procedures that have to be followed in order for the claim to be met, you would need to request a claims form and then return to the individual provider for them to asses and write out to your doctor for any necessary confirmation. Once the information has been received one of the chief underwriters will asses and make a final decision on the outcome and then if so the money will be there for you do with what you want.
Insurance brokers may be regulated by the FSA (Financial Services Authority). There are many regulatory bodies within the Financial Industry and it gives you as a consumer piece of mind that if they are approved by the FSA then they are legally abiding by the rules and regulations are therefore you should be assured you are paying for an approved policy. Each insurance broker would be able to give you a leaflet or print out of their key facts highlighting who they are and what they do and again assuring you that they are an approved representative. Also the individual insurance providers will have a key facts brochure giving you a summary of for example the aim of the plan that is being offered, what would be your commitment to the plan, the risks of the plan, any questions and answers that have previously been asked. It will also describe the choices that you have, for example the amount of benefit paid, your earnings which the cover should be based on, when the benefits start, how long the benefits can be paid, how long the cover will be live, information they will need. Also it will identify how flexible the plan is and when it would pay out and what may stop a claim from being paid out. In addition it can highlight the extra benefits offered, what would happen if you were to die, stop paying or change your mind. It will also set out the terms and conditions of the plan. When completing the application form, all answers need to be truthful and precise to the best of your knowledge, so that if a claim is made you will be ensured to be paid out. Once your application is submitted you will receive a copy of what has been submitted so that you can check over all the information is correct. However you have to keep in mind that if your health were to change from day of submission to the day the plan goes on you have to update the provider with any changes in your circumstances.
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