The Association of Medical Insurance Intermediaries (AMII) expresses its concerns at Defaqto’s ‘Star Ratings’ for private medical insurance (PMI) launched this week. AMII’s Chairman, Andrew Tripp said, “Our members, all of whom are specialist independent healthcare intermediaries with considerable expertise in PMI, are bemused by Defaqto’s ranking of PMI products. “For example, we do not [...]
Group income protection (GIP) claims for mental health are at their highest in the “Finance and Insurance” sector, according to Legal & General. The insurer has recently published an analysis of its GIP claims since 2000 with the figures showing that overall, 31% of claims were for mental health issues such as stress and depression, [...]
AXA PPP healthcare has announced that it is enhancing its support for those policyholders with cancer/heart disease, with immediate effect. The insurer is now providing full cover for licensed cancer drugs, on its standard coverage levels for individuals and SMEs. Regarding cancer treatment, the firm is waiving any monetary limits applying to out-patient tests and [...]
The Office of Fair Trading (OFT) has provisionally decided to refer the UK’s £5 billion private healthcare market to the Competition Commission for further investigation. The watchdog’s key concerns include: A lack of easily comparable information available to patients, GPs or health insurance providers on the quality and costs of private healthcare services. Lack of [...]
New research from Bupa has found that Britons may be in for an unpleasant surprise as they get older, due to the fact that they are least likely to think that they will need to save to cover the costs of old age care. The international Bupa Health Pulse study surveyed over 13,000 people in [...]
More than half of British workers (52%) would not be able to sustain themselves financially for more than three months, if they were off work due to ill health. Almost a third (30%) would not be able to last a month, but 9% believed that they would be able to survive for a year or [...]
The Financial Services Authority (FSA) and the Office of Fair Trading (OFT) have published proposed guidance on payment protection insurance (PPI) products. Both watchdogs are monitoring the market as it shifts away from the disastrous PPI offerings of the past and new products or product features are developed. These include short-term income protection and debt [...]
Aviva will soon be providing enhanced cover for cancer treatment, following the removal of benefit limits for some drugs. In its new cancer “pledge” the insurer says treatments recommended by medical specialists will be covered in full, including targeted therapies such as Herceptin and Avastin, and unlicensed drugs not readily available from the NHS. Aviva [...]
Friends Life has today launched Protect+, an individual protection package aimed at the IFA market. The group says it has forged together the best of what was once provided by Friends Provident and its UK life acquisition from AXA, with the new offering spanning income protection, critical illness, life and business protection. In addition, IFAs [...]
The Government’s vision of a range of “simple” financial products that can be easily understood by consumers has taken a step forward, with the formation of a new steering group. According to research undertaken for the Financial Services Authority, 52% of people find it “too complicated” to compare one product against another and 46% “don’t [...]
Health insurer Aviva has announced that it is enhancing its critical illness coverage with the addition of new conditions. With effect from today, new critical illness customers will be eligible for partial payments for two forms of early cancer, namely low grade prostate cancer and ductal carcinoma in situ, an early form of breast cancer, [...]
LV= has reduced the amount of time it takes to complete protection business sold through IFAs by over 20%. According to the mutual, critical illness, income protection and life cover can now be in place within 13 days from receipt of application, with over half of all protection applications from IFAs actually completed in five [...]
Middle aged Britons are suffering a mid-life health crisis, according to new research from health insurer Bupa. Those aged 45-54 are more likely to smoke, be obese and suffer depression compared to others of their age around the world. The international Bupa Health Pulse study found that late middle age was the toughest time for [...]
New data released by the Association of British Insurers (ABI) has revealed that an increasing amount is being paid out to those who hold critical illness and life insurance policies. Last year 40,000 families and individuals received a total of £1.9bn, with an average payout of £47,166, roughly twice the average salary in the United [...]
LV= paid out 93% of critical illness (CI) and income protection (IP) claims in the 12 months to June, with total payouts of almost £9 million and £12 million respectively. One per cent of IP claims and 3% of CI claims were rejected as a result of non-disclosure. The mutual puts the average age of [...]
Groupama is selling is UK healthcare business to competitor, Simplyhealth, which is keen to grow a more diverse range of products and services. Simplyhealth chief executive officer, Des Benjamin, explains: “By acquiring Groupama Healthcare, an award winning business, we have the opportunity to build greater presence in the small to medium business sector and grow [...]
LV=’s life sales increased 9% during the six months to the end of June, to £69.3 million. The mutual reported an 11% increase in retirement business, with annuity sales rising 14% and pension sales up 10%, while protection sales leapt 16%. The firm’s life managing director, Richard Rowney, says: “LV=’s life business has had a [...]
Friends Life has relaunched its group protection proposition. The new offering includes group life, group income protection, group critical illness and a flexible benefit offering supported by a range of added-value services aimed at promoting health. These include an employer/employee assistance programme, Best Doctors and a 24-hour seven-day-a-week health information service, provided by Bupa HealthLine. [...]
Private health insurer Bupa has issued a response to the release of the Dilnot report into long term care and the balance between state and private contribution to it. Bupa Care Homes UK Director Oliver Thomas commented on the report, stating that it would help those with assets prepare for their old age care. However, [...]
