Critical illness Flashcards
How does total permanent disability work?
Minimum of at least 6 months of disability before a claim can be made.
Pays out the sum insured lump sum.
Dependant on the clients occupation a claim will be assessed against;
- Unable to carry out own occupation.
- Unable to carry out another occupation given there education and training.
- Unable to carry out at least three of the six activities of daily work (walking, climbing, lifting, bending, getting in/out of car, writing).
How many conditions are covered?
48
How does acceleration payment work?
Advanced payment if the client is due to undergo one of the specified surgical treatments.
Aorta graft, coronary artery by-pass graft, hear valve replacement or repair, open heart surgery.
Lower of 25% of benefit or £25,000. The remaining benefit will be paid within 14 days following the surgery.
What cover is there for the clients children?
Friends life will pay the lower of either 50% of the clients benefit or £25,000.
Client must be the patent or legal guardian, or spouse, partner or civil partner to the parent.
Death is not covered for children.
£5,000 funeral costs are payed once regardless how many policies.
On joint policies, is the survivor still covered?
On death or diagnosis of a terminal illness, the survivor can take out a new policy within three months with no further underwriting required if;
Initial application must have been accepted on standard rates and without special conditions.
Surviving member is under 50.
Must be at least five years to run on the original policy.
New policy can’t exceed the original term or benefit level.
Premium reduction
Customers can opt out of particular illness’s in exchange for s reduced premium. The opt out conditions are;
Cancer, cardiovascular conditions, diabetes, multiple sclerosis.
