After reading another persons piece referring to the problems of getting/being in debt, I thought it was a good idea to add a bit about card insurance schemes. Here's our story
Like most folks, working or not, we live right up to the edge of our income and have in the past felt exposed because of this. The what if scenario was always at the forefront of our minds; what if the car goes bang or the fridge dies etc. In order to give ourselves relative peace of mind we took out an extra credit card with our provider (Capitol One), so that if the need arose we had a fall back. Just to be doubly sure, we took out the illness insurance, never can be too careful I say!
Well as luck would have it, not long after the washer gave up the ghost on us so we 'broke the glass' and used our standby card to get a new one. All well and good so far.
Life went a bit pear shaped after this as I suffered what I am now comfortable to call a 'nervous breakdown' and was eventually forced to finish work as a result of this.
We struggled on for a while, then my wife remembered the insurance that covered illness, brilliant, one less worry and free up the cash we were having to find to keep the card company of our backs. My wife duly contacted the insurers and they sent out a form which was filled and returned, with a sigh of premature relief. You will notice I say premature.
When the insurance company got back to us, the claim was rejected as (wait for it) 'Depression is not a recognized illness'. I was unable to work for two years and am still recuperating, still taking anti-depressants, yet my illness is not recognized by an insurance company. To think of all those secure units and hospital wards full of people who like me are not recognizably ill, the NHS could save a fortune! -_-
My advice to you is READ THE SMALL PRINT, even if you have to ask a legal professionals advice on it, do this before you agree to anything. Otherwise, like me, you may find that (god forbid) you ever have to claim, it may not be worth the paper it is written on and all the money you paid for that insurance might as well have been thrown down the drain.
This is our experience of one Credit Card company, do you think it might be time to check just what your insurance cover REALLY covers? What's in your wallet?
Hope this is helpful to you all,
Sickness Insurance on Credit Cards
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1 February 2008
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