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Children’s Benefit
Most critical illness plans include a provision to pay out some benefits if the life assured’s natural, legally adopted (and sometimes step) children are diagnosed with a critical illness.
The child has to be diagnosed with one of the listed conditions and survive the survival period stated by the life office.
The detailed policy wording will confirm that a small number of the critical illnesses will not apply to children (e.g. Parkinson’s Disease). In addition conditions that are caused by a familial or congenital defect, or which were present before the child became covered by the plan are excluded.
Furthermore a child is only entitled to one pay out per plan, however two single life policies (one on each parent), would produce two pay outs.
A number of life offices limit the number of payments in respect of children that can be paid under the plan. The table below illustrates a snap shot of the life offices’ approach to children’s cover (August 2005).
09 July 2008 18:31:40
Obesity may affect male fertility
Obese men can encounter a number of health issues that could affect life insurance policies and scientists have suggested it could have a negative impact on sperm quality.
A research project by the University of Aberdeen examined the sperm of 2,000 men where the couples were have difficulties conceiving.
There was a high proportion of abnormal sperm in the heaviest men, the BBC reported.
Dr Ghiyath Shayeb, head of the research team, said: "Our findings were quite independent of any other factors and seem to suggest that men who are trying for a baby with their partners, should first try to achieve an ideal body weight."
Dr Shayeb said that this was one of many reasons for people to ensure that their Body Mass Index was within the recommended guidelines of between 20 and 25.
The findings also suggest that type 2 diabetes, often found in obese people, could have a strong negative effect on fertility.
UK life insurance policies may require patients to disclose if they are obese.
03 October 2007 12:48:26
Many British people risk driving up the cost of their life insurance because of their low level of stroke awareness.
A survey commissioned by the Stroke Association has revealed that just under half of older people in the UK would wait 24 hours or more to take action if someone was experiencing the symptoms of a stroke.
The charity pointed out that this would leave those experiencing the condition in danger of severe disability or even death.
"The results of this survey are very concerning," said Joe Korner, the Stroke Association's director of communications.
"A stroke is a brain attack which strikes without warning; it can kill, leave you paralysed, unable to speak or blind. It is vital that people of all ages are able to correctly identify the warning signs," he continued.
The organisation found that older people preferred to wait and contact their GP instead of dialling 999.
Mr Korner highlighted the effectiveness of the FAST test for identifying the warning signs of a stroke, where an individual's facial weakness, arm weakness and speech problems are tested.
An estimated 150,000 people have a stroke in the UK every year.
Direct Life and Pensions Services Ltd are one of the UK's leading providers of life insurance, term life assurance, mortgage protection, critical illness and life insurance advice online.
21 August 2007 15:19:22
Aegon has urged UK consumers to consider critical illness insurance and life cover to guard against a poverty-stricken retirement.
A report from the life cover provider has revealed a huge shortfall between perceived pension requirements and the stark reality.
And widespread complacency regarding protection products is adding further jeopardy to British futures.
Over half of respondents to the Aegon survey said that they would require between £10,000 and £20,000 a year to live comfortably in retirement.
However, the average pension pot is around £25,000, providing just £1,500 per year.
An impoverished retirement is made increasingly likely by the negative perception of protection policies, with 40 per cent of respondents claiming that life insurance and critical illness cover are too expensive.
Malcolm Flanders at Aegon told This Is Money that the findings were worrying.
"Many people are still expecting to retire before age 65 and lead a comfortable lifestyle", he said.
"The fact is a large swathe of the UK population risks being financially impoverished in retirement.
"The report suggests that many people are still expecting to rely solely on state benefits, or are gambling on the prospect of their children taking care of them. We would urge people to act now before it's too late and take control of your financial future."
