Not unusually, we were recently contacted by a couple who needed to increase the level of their life assurance, as they had moved and substantially increased their mortgage. This meant the level of cover they took out in 2006 was no longer sufficient. While it would have been easy to simply take out a new policy immediately, we found out from our “fact find” that the wife had contracted cancer in 2009 which she eventually was able to recover from. With this in mind, we made enquiries about her existing policy to see what options it might provide them as in some cases life policies allow the policyholders to increase their cover without any medical enquiries when they are increasing their cover due to a move, or similar circumstances.
From these enquiries we found out that, in fact, the old policy provided cover against incurring certain critical illnesses as well as in the event of one of them dying. We advised the clients that we should see if they were entitled to claim even though the cancer dated back to 2009. We obtained details of the cancer and established that it was the kind of cancer that should be covered. We then assisted the clients to make a claim. The claim was eventually accepted and the clients were obviously more than pleased to find that they were receiving over £100,000 from the claim.
A less professional approach could have missed that completely and just arranged a new policy. The result was certainly in line with our company purpose – “To help individuals achieve their objectives and enjoy financial security.” To cap it off we advised them of the need for a new policy to cover what was still at risk, as the claim on the old policy meant that it had ceased to provide cover.
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