INSURANCE COMPANY

Gray0156. I think depends on company, Mine paid out quickly think I was fortunate the policy was quite old and required less vigorous checks

Is this life insurance? Presumably you have terminal illness cover on the policy. Mine paid out on that as soon as my oncologist gave me a letter saying that I had less than 12 months left. 

Stuart x 

Hi Stuart,

I do have terminal illness cover but the oncologist said 12-24 months but I’m 18 months in now and nothing is happening. It’s really frustrating 

I had two life insurance policy’s one paid out as soon as I was diagnosed as terminal. The other one steadfastly refuses to pay out until I get a letter saying I have less than 12 months and the consultant refuses to give me that yet 

Hi gray, my oncologist sent a ds1500 to my insurance company with a covering letter, the insurance company said the form meant nothing and they requested scans and all medical reports which my oncologist sent to them. They did pay out but wasn’t easy. I think it must depend on which company and how much it’s for.I was lucky.

Hope you have a positive response.

Regards

Rose xx

Hi Gray0156

I have an insurance policy which says it pays out on a terminal diagnosis but in the small print in the glossary at the back of the policy document it says it will pay out when life expectancy is six months or less. My oncologist told them I am having immunotherapy which could continue for a year or more depending on my response which has been good so far, thank goodness! 

But, and here’s the bummer. The policy is due to expire in February and when I asked what would happen then they said ‘nothing’. They said they would be unlikely to renew the policy. I feel this is very unfair and I get really angry at the thought of almost 20 years of payments down the drain but it seems there is nothing I can do about it. I’m kind of reluctant to cancel now in case I die before February, that would really piss me off.

Strangely my pension paid out my whole pension as a lump sum when they received a DS1500.

If anyone can offer any suggestions on how to deal with the insurance company I would be really grateful.

Take care

Patmart

Thanks Patmart. They get you in the small print. One insurance I have paid out part of it straight away the other however is not doing anything. Going to get a DS1500 and send it to them see what they say. In a side note they have doubled my payments without informing me which sucks. I thinks this is because I’ve informed them of the cancer. 

Hi Patmart

When I was diagnosed with MDS which is a bone marrow cancer and incurable, I wasn't going to get any insurance payout because my haematologist told my wife and me that "some people go down quicker than others". I found out very soon after that that my policy was for 30 years so you can imagine how much of a bummer that was for me! No matter where I tried, I wasn't going to get life insurance anywhere without paying ridiculously high premiums. 

There's always the policies that advertise on TV and in the press (Sunlife is one but there are others), that don't contact any doctors. They are low level policies that really just cover funeral costs and if you don't die within a few years then you can pay in more than the policy will pay out. 

A policy change a few years ago enables anyone to lift their whole pension as long as they're over 55 so depending on your age Patmart, you may not have needed to have presented a DS1500 anyway. (I don't know how old you are). I was 57 when I was diagnosed and I had 2 pension policies so I set one up as a drawdown policy and that means I can lift as much as I want whilst the rest of the policy remains invested as usual. I had a few holidays with my wife and attended a few events also. I wasn't sure if I would reach 60 yet here I am at the age of 63½ and still going relatively strongly. 

Just while I'm talking about pensions, these drawdown policies are becoming more and more popular. I can understand that because I found out that when I retire, if I set my pension up with regular monthly payments, should I die after say 4 years, my pension dies with me! However if I set my pension up as a drawdown policy and I die after 4 years then my wife receives the amount that's left, so that's maybe why most people have drawdown policies.

Good luck Patmart

Tvman

Hi Gray, I'm not sure I can help, but I'll try.

I'm not 100% sure what you mean by insurance, i.e. whether this is life insurance, private medical insurance or mortgage protection insurance.  The company's response will be different for each.

As you may be aware a DS1500 is only issued if your life expectancy is 6 months or less. 

As far as I'm aware the DS 1500 only affects government provided funding/services so you can automatically get such things as attendance allowance.

Private companies then, I imagine have their own criteria.

The best thing you can do is contact the Macmillan helpline.  They will be certainly able to answer your question.

Also ask if a DS 1500 remains operative if you live more than six months.  As you're currently stable this could happen.

I can confirm that ds1500 does remain operative if you live more than six months. I have been claiming under that for the last 14 years! I have been able to because no one would have been surprised i’d died within six months, just means you can never plan things