Need advice ASAP on critical illness inurance with mortgage?
I was preasured in the bank with hubby and i to buy critical insurance on our new mortgage, yes renewal time and rates are low Were in Canada Ontario by the way, she also of course said we need the Life inurance, of course we always get that. We are in our early 50s, both work, but the problem here is , the bank loaner, was preassuring us, our payments would go up 140 a month just on the critical illness insurance, Im kind of wondering if she makes a commision off this or something, ? I have for 15 or more years been comfortable with the payments, Banker now wants to colsolitate the line of credit and visas, which she did last year on mortgage and the payments be alot more bi weekely, i told her im comfortable with what we been paying for 15 years , and the rates were higher, now with rates so low why so high when rates so low.?im not comfortable with this nor how she handled the situation turning my husband on me to go on her side, instead of letting husband and wife decide, she stated its my husbands mortgae to, dealing with her for 15 yrs never has she talked like that, for me this decisoon is HUSBAND AND WIFE desicon when we can talk in private, instead she got me and hubbby arguing in her presance, im kind of thinking the bank makes some sort of commision off selling critical illness coverage, if one is preassure like this its my oppinion i could be wrong, so can ANYONE tell me if they would pay over 100 $ more on their payments a month for this coverage , ? when one is stable with the payments they been doing for 15 yrs, comfortable and able to live . I dont know maybe im wrong here, but i want to be careful of bank making profits while i have to sacrifice some things to pay the extra money at the end of the day were going from 2.15 % for 5 yrs open , to 4.15%. closed 5 years.
My critical illness insurance claim as gone to the underwriters why?
May it be that the condition i am claiming for most people dont get the chance to claim as it can be too late for some to claim as they would be died,i had a brain anesyums which reptured bleed into my brain and as caused damage would this be the reason why its gone to the underwriters please help
How can life insurance with critical illness be be worthwhile? They can't pay out often, surely?
example If you take a policy for 20 years, and pay 30 a month, that's 7,200 in total. If a mortgage is 100,000 and I divide that by my premium, it comes to 13.88. round up to 14 .From an insurance companies point of view therefore, this means they expect to pay out one in every 14 claimants to cover that cost to them. But statistically over 20 years, you can be sure that more than one in 14 people will get cancer or have a debilitating episode in their life. So thats a lot of people who have something serious that won't get a payout. Insurance companies make money, so they won't want to pay out. I appreciate all the scary thoughts of dependents, but scarier still is the thought of pouring cash into something that may not come through. Looking at the numbers, it can't be good for the customer.Some interesting answers. I'm in the UK, so the 'Health Insurance' aspect is not really something I'm concerned with as we all pay into the NHS anyway some people like hate it, some think its great . I suppose I really mean a policy which pays out if you become ill or involved in an accident and you can't work and therefore can't pay the mortgage. I am not thinking in terms of paying for healthcare.I divided the total a random example payout of 100,000 by premiums paid simply to find a minimum amount of similar premium payers to see how many would amount to the value of the payout. If they pay out 2 in every 14, that then costs more than the amount made from the premiums. I know there are factors and increases with risk etc, and that will affect how much you pay. I just think that there are a lot of people whose illnesses will fall between the loose mesh of covered illnesses.You need 14 people paying 7,200 to cover the cost of a single payout of 100,000 is what I am saying. Hopefully you'll never need it, but I would like to know what ratio of payouts to serious illnesses actually don't go through.
Should i cancel my life/critical illness insurance?
dumb question but when they filled out my application they asked questions about my health obviously so i said i was on prozac for an eating disorder, the woman said " oh thats ok everyone is on prozac and has an eating disorder of some form, i will say no, it will make it cheaper" so she filled out no, i was quite naive. anyway, a few years later i went off sick from work but they couldnt figure out what was wrong with me so they just wrote " depression" , when i tried to claim they found out i had been on prozac and refused to pay out, even tho i was NEVER depressed in my life i had a dumb eating disorder. anyway, im off work and i cant claim. it is also a life insurance policy that pays out 60K and i pay 40 month. I dont have any dependents, i dont have anyone to leave the 60K to if I DID die, and they probably wouldnt pay out anyway as it was not disclosed that i was on prozac when i took out the insurance, should i just cancel the damn thing? knowing insurance they wouldnt pay out anyway if i died, like if i was hit by a car they would come up with some excuse like i wasnt looking where i was going because i was depressed. or something stupid. i feel funny canceling the insurance but in reality its not probably worth anything and i could save 40 or more if i cancel my other insurance as well. it was originally taken out as a " requirement" for me getting a mortgage, but now my mortgage is paid off so that doesnt matter. should i just cancel it? i mean i am already off work with no insurance payment anyway, so i guess its not worth having it if there no one i want to give 60K to anyway if i die... what do you think? i am just timid to cut off insurance because i was raised to be " cautious" but if its worthless, no point, huh? especially if im dead and dont want to pay out 60K to anyone anyway?? lolok, people say i should keep the policy,or get another one but WHY? i mean if im dead and they DO pay out, why do i care? i have no one to pay it to. and i obviously wont get another policy to cover me " if i stop working due to illness" if im not working NOW due to illness so whats the point of having ANY policy? please explain if you think i should keep it or get another policy thanks
Critical Illness Claim?
I am about to have open heart surgery to replace a heart valve. My critical illness policy clearly states it will pay out for this procedure.I am 33 and when I was diagnosed by my GP last year I was horrified to learn that when I was 20 another GP spotted it when I complained of palpatations and noted it in my medical record as " early evidence" of a murmur. However, all he told me was just to go easy on the drink and cigarettes and try not to get stressed. He gave me no medication and did not refer me to a cardiac ward.When I completed my critical illness application form at the age of 31, I honestly answered all the questions, even mentioning my mum's heart murmur, but now I fear that my policy is null and void because of that visit to the doctor in 1994.When I completed the policy I was not asked to go for a medical that happened when I tried to get Income Protection but I honestly did not expect to be having open heart surgery at 33.Has my claim no chance?
Query about Critical illness?
I realised that breast cancer is not included in the 30 major illness under the critical illness coverage. In Simgapore Breast cancer seems to be rising and I opine that insurance companies are not sincere and genuine when they do not include breast cancer as part of the critcial illness.
