An adviser has praised his critical illness policy after being diagnosed with Parkinson’s disease less than a year after purchasing the protection.
Adrian Banks has advised others on their finances for 27 years, but the 51-year-old only arranged his own critical illness and life insurance policy after attending a dementia research event in March 2017.
Less than a year later Mr Banks was diagnosed with Parkinson’s disease and in February 2018 found himself claiming on his Aegon critical illness policy.
Mr Banks, who can now work four days a week as a result of payments from his protection policy, said: "Many would say that in my line of work I should have had a policy in place already but given my fit and healthy lifestyle I never thought I would need it."
The diagnosis came after a trip to a running shop last year, during which Mr Banks was persuaded by his children to run on a treadmill - the shop assistant noticed he ran from left to right and recommended Mr Banks seek medical advice.
After the GP’s speculation of a stroke or a brain tumour, Mr Banks used his healthcare policy with Beneden to secure a final diagnosis of Parkinson’s disease within two months - a private route Mr Banks has praised in comparison to others who have waited years for the same result.
Contacting Aegon to notify the insurer of a future claim for total and permanent disability, Mr Banks was told he was entitled to claim immediately under his critical illness protection with Parkinson’s disease being covered in the policy definition.
Mr Banks said: "In my 27 years as a financial adviser, not one of my client’s has had to claim on a critical illness policy. I had no idea what to expect from the process and had heard several stories of how difficult it could be - I experienced none of that in my case."
Aegon paid the claim in February 2018 and Mr Banks said the payment took the pressure off him and his family during a stressful time, allowing him to reduce his workload and be safe in the knowledge he could stop working in the future if necessary.
Mr Banks believes everyone should have protection cover, and has started to re-approach clients who had previously declined recommendations for protection to share his own story and suggest they reconsider.
He said: "People think they are invincible, I have first-hand experience to demonstrate otherwise."
Since his diagnosis, Mr Banks has processed four life insurance and critical illness policies with Aegon and praises the simplicity of the insurer’s claiming process.
Parkinson’s disease was the fourth most common reason for a critical illness claim with Aegon in 2017, with the youngest claimant aged 48-years-old and the average payout amounting to £110,030.
Simon Jacobs, head of underwriting and claims strategy at Aegon UK, said a critical illness policy can help people focus on how best to manage their condition without the worry of getting into debt and keeping a roof over their head.
He said: "It’s a difficult time for customers and their families and with this in mind we make the claims process as simple and quick as possible."
rachel.addison@ft.com
