Watch out for insurance small print

Thu, 03 May 2007

Despite news just yesterday of Standard Life cleaning up their segment of the critical illness insurance industry, with fewer claims rejected last year, the small print on many insurance policies remains complicated and potentially troublesome, according to consumer group Which?

Which? today warned that complex policy definitions, and small-print exclusions, mean that many people content with their insurance could face a nasty shock. Which? made it clear that consumers should keep their insurance company entirely in the clear about their entire medical history – even if it is something apparently minor or irrelevant.

A fifth of critical illness insurance policies were rejected during 2005, largely because of non-disclosure or excluded illnesses. Complex definitions mean that it is hard to know what is covered. Which also drew attention to payment protection insurance and its shortfalls.

The editor of Which, Malcolm Coles, reportedly commented: ‘It’s easy to assume that if you take out insurance you're protected if things go wrong, but check the small print carefully and make sure you understand what is and isn't included before you buy – or you might find it’s worthless.’
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