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A Matter of Life or Death December 19, 2012

Posted by Audit Monkey in The Joy & Pain of Internal Audit.
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It looks like that Daily Mail have run an emotive story over a declined life claim. The relevant article can be read here. Essentially the policyholder has taken out a critical illness policy, made a claim and it’s been refused. The way these policies work is as follows; if you develop a critical illness which is life threatening, the Insurer will pay out, i.e. to your beneficiaries (nearest and dearest) in the event of your demise. The Daily Mail is allegeding that the Insurer, Friends Life, won’t pay because the policyholder failed to disclose that he suffered from ‘pins and needles’ and drank more alcohol than the recommended weekly limit.