In Great Britain over 700,1000 people have been diagnosed with mental health problems and this is anticipated to rise by 2018 to over 1,500,000. Alzheimers is now classed as a common
critical illness by the Association of British Insurers; providers have therefore recognised that this needs to be incorporated into insurance policies. The guidelines laid out by the ABI were amended in 2006 and detail which critical illnesses must be covered by all critical illness insurance policies. Additionally, they also provide guidelines and definitions that a critical illness must meet before the insured will receive a pay out.
The number of those suffering dementia in the UK is forecast to escalate to over 1 million by 2018, with these figures set to carry on increasing, it is therefore vital that individuals get the cover they need. The expense of continuing health care is often hard and puts all those involved under pressure, by having some degree of cover these pressures can be relieved.
In response to this growing need for cover providers are warning that, although those whose parents had Alzheimers will not be refused insurance, it may be considerably more difficult for them to receive any. When applying for
critical illness cover one of the main considerations will be, not just whether you parents suffered from Alzheimers but at what age they contracted the disease. For example if either of your parents contracted the disease in their thirties or forties then the insurance company will consider you a higher risk. Applicants should also be aware that most insurance providers impose a maximum age limit of 70 and after this customers will not longer receive any benefit.
However companies like PruProtect have now started offering a more comprehensive form of cover and have no maximum age limit, helping to give customers more cover for their money. As well as this, they will also allow the insured to make more than one claim for the same illnesses. So, unlike most insurance providers where they will only pay out if the damage is permanent and irreversible, with PruProtect, applicants will receive a payout on diagnosis and will then be eligible to receive further payouts based on the severity of the illness and the degree of impairment.
