Critical illness cover – Getting cover with Alzheimer’s

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.

Alzheimer’s 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 Alzheimer’s 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

Alzheimer’s 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.

Critical illness cover – Getting cover with Alzheimer’s