The Survival Period in Critical Illness Policies

The Survival Period in Critical Illness Policies

Definition of Survival Period

The survival period, also known as the waiting period, is the length of time you must wait after receiving your medical diagnosis to collect your critical illness benefit from your insurance company. The survival period is typically 30 days but this length may vary from one insurance policy to another.

It is important to submit a claim for your critical illness benefits as soon as you are diagnosed with one of the illnesses covered under your policy. After reviewing your claim, the insurance company will wait until the survival period has passed before providing you with the lump-sum benefit payment.

Claims Can Still Be Denied

Unfortunately, many claimants diagnosed with a qualifying critical illness who have survived the waiting period may still be denied their benefits. These claims are often denied due by the insurance company due to alleged “misrepresentation.”  Denials based on misrepresentation are especially common if the insured has filed a claim within the first two (2) years of a critical illness insurance policy.

This two-year period is known as the “contestability period.” In a contestable claim investigation, the insurance company will review the claim and look for incorrect information the insured may have provided during the underwriting process. For example, if a medical question has been answered incorrectly, the policy may be cancelled. The insurance company will argue that if they had the correct material information at the time of the application, the policy would not have been issued in the first place. However, the incorrect or false information in question is often based on the insurance company’s ambiguous questionnaire or their own medical specialist’s interpretation of the insured’s clinical notes and records.

These cases are rarely black and white. Share Lawyers has had proven success settling denied critical illness claims based on misrepresentation.

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today and put our experience to work for you. We offer free consultations and there are no fees unless we win.

We have recently settled cases with Great West Life, Standard Life, Blue Cross, Manulife, Sun Life, and many more.

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