Sometimes we are unable to offer full Critical Illness Cover so it may be necessary to exclude core conditions or specific impairments.
Premium reduction exclusions
There are 4 exclusions that would result in a reduction in the premium:
- Multiple Sclerosis
- Breast cancer
- Breast and ovarian cancer
The premium reductions reflect the incidence of claim for that condition. Cancer is the most common reason for claiming under a critical illness policy and accounted for 65%* of all Critical Illness claims in 2016.
The actual reduction in premium will vary depending on the individual applicant.
An example would be: a female, non-smoker applying for Critical Illness Cover would receive a 30% premium discount if cancer is excluded as a core critical illness condition.
Non premium reduction exclusions
There are various exclusions that will not result in a reduction in premium and a few examples have been listed below:
The reason that a reduction is not given for these types of exclusions is due to the very low incidence of claims associated with these.
*Source: Scottish Widows, based on the number of critical illness claims paid out by Scottish Widows between January 2016 and December 2016.