Boring question regarding life and critical illness insurance.

[LadyMacbethWasMisunderstood]

Our financial and family circumstances mean I have in place quite a lot of life, critical illness and income protection insurance.

A recent overhaul of our finances lead an IFA to suggest that I could achieve the same levels of cover for less premium. And put it all with one company (Aviva).

My concern is the policies I have, have been in place a long while (a couple of them 20 years) and the newest 4 years and 18 months respectively and somehow I cannot shake the idea that if I make a claim in the future there would be less dispute over it if made in respect of a policy I’ve had for many years (not so much the death as that’s pretty unequivocal but claims centred around critical illness/ability to work).

I like to think I am rational sort of person. If my concern is unfounded it makes financial sense to go with the new suggestion.

Has anyone any direct experience of this? Any industry experts out there?

I am 57 and have no health issues or family history that is of a concern. I’m heavier now than when I took the policies out. In the overweight but not obese category. I plan to work till I’m 70 and the policies are geared to that. Which makes it costly.

Never had a claim.

Little bit of a bump?

I think your instinct is right. You could enquire with the insurer what level of underwriting they require (ie will you need any kind of medical test) and what period of time it takes before full cover kicks in. A colleague of mine took out a policy and then got a cancer diagnosis within 3 months and they argued he must have had symptoms or a concern before he took out the policy and they wouldn’t pay out.

Your best bet would be to get another quote and then ask your existing insurer if they can match it.

Thank you. That’s really helpful. It confirms my instinct. I genuinely have no symptoms or concerns. But I’m an overweight (working on that) menopausal (late to that party) women and poor health could be around the corner. I’m grateful to you for responding to my query.

Agree with this.
Check underwriting requirements and the qualifying period after taking out new policy before you would be eligible entitled to any benefits.
Also check carefully any differences in the T&Cs - definition of critical illness / conditions under which income protection will apply/ waiting periods where you have to be unwell for a certain time before your benefits can start being paid / max payment amount of length of payment periods /whether you can have multiple claims etc

Thank you for your reply. I spent a long time sourcing the best policies 4 years and 18 months ago (less so 20 years ago when I was less invested in it all) that it seems counter intuitive to cast them all aside now.