Consumers told they can save on insurance policies
Tue, 19 Jan 2010
A protection specialist has advised consumers they can save money when health issues are omitted from their insurance policies .

LifeSearch found it is not unusual for one or more illnesses to be excluded from a protection policy .

Indeed, these omissions occur in about 15 per cent of critical illness and income protection applications.

Though this means the excluded conditions can not be claimed on, not all insurers will agree to reduce the premium.

However, a minority of insurers have agreed to offer reduced premiums on some illnesses.

Matt Morris, senior policy adviser at LifeSearch, has commended insurers that agreed to reduce premiums for consumers who suffered serious health issues prior to applying for cover.

He added: "Consumers must remember to check whether the insurer will reduce the premium as recompense and if they refuse, speak to an independent adviser who can find you an insurer that will."

According to the latest LifeSearch figures, insurers are now paying out on over 88 per cent of all critical illness claims on average.
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