Insurance policies may exclude payouts

PEOPLE buying insurance policies to protect against loss of earnings if they get seriously ill need to read the fine print to ensure they get their cash payout.

According to the Financial Regulator, insurers’ description of the product as “serious illness cover” may lead some customers to believe all illnesses are covered when this is not the case.

“For example, all forms of cancer may not be covered under every policy. Only illnesses specified in policy terms and conditions are actually covered,” said the regulator’s spokeswoman Jill Forde.