Critical illness protection – Do insurance companies actually pay claims?
At Trusted Union, our clients often ask us what happens if you claim under a Critical illness or Life Insurance policy? Do insurance companies actually pay out in the event of a claim?
We thought a real life example would help you understand what might happen. Jaime, one of our clients agreed to share his experience with us.
Here is his story:
‘Illness was the last thing Jamie worried about. A successful 35-year-old executive for a multinational, he played golf and exercised, didn’t smoke and only had the occasional drink.
But with a wife and young baby at home, he was the sole breadwinner and the passing thought that his family would be left without support if something happened to him was enough to make him plan for the worst, however unlikely.
In 2014, Jaime took out a Life and Critical Illness policy from Zurich Life. It was a precaution: a box to tick to be a responsible parent – much like preparing his will, which he did at the same time. Jaime signed the papers and thought no more about it.
Just a year later in 2015, after travelling back from overseas to Hong Kong he felt something strange, something that shouldn’t be there around his upper thigh. He went to the doctor to have it looked at. After numerous tests and referrals to a cancer specialist, he received the worst news. He had a cancerous tumour in his leg and it needed to be operated on straight away.
The one thing Jaime didn’t have to worry about as he treated the tumour was money. The policy paid out 21 days after all the medical documents were submitted to the insurers, without any fuss. Jaime was free to concentrate on getting well and made a swift recovery. He was back at work less than a year later.
Now Jaime is a father of two. His operation and treatment were successful, and he is healthier than ever. He is extremely relieved that he took out Critical Illness cover so that when he was ill, there were no financial worries at all. Now that he’s better, he credits the fact that he didn’t have to worry about money as a major contributor to his recovery’.
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