Specialist insurance vital for “health tourists”
by Gill Montia
Story link: Specialist insurance vital for “health tourists”
The Post Office is warning so called health tourists that they need to purchase specialist travel insurance before they make a trip abroad for the purpose of undergoing medical treatment.
The number of Britons taking advantage of faster and cheaper treatments abroad is rising by around 30% per annum, with over 70,000 people choosing to have […]
Women starting to see diets as permanent rather than short-term
by Richard Kilner
Story link: Women starting to see diets as permanent rather than short-term
PruHealth has conducted research which reveals that British women, far from succumbing to short-term diet fads, are tending to make longterm lifestyle changes when attempting to become slimmer.
Over two-thirds of women begin diets at the start of the year, with a third of them considering it to be a permanent process as opposed to a […]
BUPA reduces critical illness premiums
by Gill Montia
Story link: BUPA reduces critical illness premiums
BUPA, the private healthcare operator, has reduced premiums on its Individual Protection insurance, with immediate effect.
Premium rates for its critical illness policies bought alongside a mortgage have reduced by around 7.3%, while for stand-alone critical illness cover the reduction is around 5.7%.
The changes mean that a female non-smoker aged 30 next birthday, taking out £75,000 […]
L&G critical illness claims 88.2% successful
by Gill Montia
Story link: L&G critical illness claims 88.2% successful
Legal & General (L&G) paid out £110 million in critical illness insurance claims during 2007, giving claimants a success rate of 88.2%, compared with 83.3% in 2006.
Non-disclosure was cited as the reason for the 7.7% of unsuccessful claims made last year.
The £17.9 million rise in payouts is described by Bernie Hickman, managing director of protection […]
Heart disease on the climb, insurers offer incentives to be healthy
by Richard Kilner
Story link: Heart disease on the climb, insurers offer incentives to be healthy
After three decades of decline, heart disease is now rising again, according to research conducted by a team from University of British Columbia, published in the Archives of Internal Medicine.
Particularly at risk are the younger generations.
The rates of heart disease have begun to level off for those between 35 and 55 years of age, with […]
Financial Ombudsman inundated with PPI complaints
by Gill Montia
Story link: Financial Ombudsman inundated with PPI complaints
The Financial Ombudsman Service (FOS) has reported a sharp rise in complaints about payment protection insurance (PPI) and is calling on banks and other lenders to act more speedily to compensate customers who have been mis-sold PPI.
In January, the FOS received 1,499 complaints about PPI compared with 1,832 for the whole of the 2006/07 […]
Unemployment and illness should be covered, says ABI
by Richard Kilner
Story link: Unemployment and illness should be covered, says ABI
Research conducted by the Association of British Insurers has revealed a shockingly large percentage of people would suffer a financial crisis should they become critically ill, or unemployed.
The results of the study show that nearly 25% of Britons have no idea what they would do should they suddenly lose their job.
This is particularly worrying as […]
PPI revenue kept personal lending profitable
by Gill Montia
Story link: PPI revenue kept personal lending profitable
The Competition Commission has published details of its investigation into payment protection insurance (PPI), in which it claims that the lenders who sell the insurance can earn £1,200 on a policy that can cost only £20 to sell.
The Commission’s investigations follow complaints from consumer groups that PPI is expensive, unnecessary and difficult to claim.
The report […]
12m people covered by critical illness insurance
by Richard Kilner
Story link: 12m people covered by critical illness insurance
Dr Marius Barnard has described critical illness insurance as one of the largest policies in the UK.
Dr Barnard created the product fifteen years ago, and has said that over the course of that time it has been refined and improved.
When it was first introduced in 1983, critical illness insurance covered only four conditions.
The modern […]
Government consumer debt proposals could further thwart PPI market
by Gill Montia
Story link: Government consumer debt proposals could further thwart PPI market
Insurance experts are uneasy about the impact of Government plans to reform personal insolvency legislation on the payment protection insurance (PPI) market.
PPI is sold alongside personal loans and credit cards to covers policyholders’ payments if they have an accident, fall ill or lose their job.
However, the Government has this week outlined proposals that would allow […]
HFC Bank fined £1.085 million for PPI breach
by Gill Montia
Story link: HFC Bank fined £1.085 million for PPI breach
The Financial Services Authority (FSA) has fined HFC Bank £1.085 million for exposing 160,000 customers to potential mis-selling of payment protection insurance (PPI).
The fine is the largest so far made by the regulator in connection with PPI.
HFC is part of the HSBC group and trades under the Household Bank and Beneficial Financial brands, through its […]
LV= backs protection insurance reforms
by Gill Montia
Story link: LV= backs protection insurance reforms
LV= has responded enthusiastically to an industry-wide initiative regarding payment of protection insurance claims.
The friendly society has signed up to a new code of conduct, under which insurers promise to pay valid claims, except in cases of fraudulence or recklessness.
The insurer is also working to improve the disclosure process, stating: “Our innovative and bespoke UK-based […]
Britons frequently lie about their health
by Richard Kilner
Story link: Britons frequently lie about their health
A report by Norwich Union has discovered that Britons are less than wholly truthful when it comes to telling prospective employers or dates about the healthiness of their lifestyles.
Close to 50% claimed to be non-smokers, or thinner/fitter than they actually are.
The report found that 80% of people consider a healthy appearance to make someone look […]
Pru incentives promote fitness
by Gill Montia
Story link: Pru incentives promote fitness
Prudential has introduced incentives to help insurance customers maintain a healthy lifestyle.
The company’s PruHealth division has joined forces with a number of organisations that can help policyholders increase the amount of exercise they take, lose weight and stopping smoking.
Under the scheme, Cannons, LA Fitness and Virgin Active gyms will offer discounted membership to policyholders who […]
Consumer panel challenges FSA action on PMI
by Gill Montia
Story link: Consumer panel challenges FSA action on PMI
The Financial Services Consumer Panel (FSCP), the body that advise the Financial Services Authority (FSA) from the point of view of an independent consumer, has warned that new rules governing the sale of private medical insurance (PMI) will put policyholders at risk.
The FSA plans to put PMI in the same category as car and household […]
Nuffield and Mobile Doctors agree deal
by Richard Kilner
Story link: Nuffield and Mobile Doctors agree deal
Nuffield Proactive Health and Nuffield Diagnostics have a new, exclusive nationwide contract with Mobile Doctors Group.
All the rehabilitation, treatments and diagnostic services of Mobile Doctors will be catered for by Nuffield Diagnostics.
The deal will ensure that the insurer has a fixed price regardless of how many sessions are necessary, and that the claimant will be […]
Axa pilot project aims to close protection gap
by Gill Montia
Story link: Axa pilot project aims to close protection gap
AXA has launched a new training project aimed at helping independent financial advisers (IFAs) sell protection insurance.
The insurer has joined forces with Chisenhale Consulting, the sales training and development firm, to run a pilot programme that comprises a number of modules promoting the importance of client discussions on protection cover.
Participating IFAs will have the opportunity […]
eBay teams up with Prudential to promote healthy living
by Richard Kilner
Story link: eBay teams up with Prudential to promote healthy living
Private medical insurance premiums could be lowered simply by purchasing fresh fruit from the supermarket or shopping on eBay, due to the latest range of products of private medical insurance just released.
Private Medical Insurance firms have decided the best way to promote healthy living amongst their policyholders is to offer reduced gym membership fees, giving […]
LV overhauls Income Protection range
by Gill Montia
Story link: LV overhauls Income Protection range
Liverpool Victoria (LV), the UK’s largest friendly society, has overhauled its award winning income protection product range.
The improvements are aimed at simplifying products and making them more attractive to both financial advisers and their clients.
The main enhancements to cover are as follows: a simplified approach to business mileage; enhanced rates for teachers and dentists; improvements […]
Cassidy David improves web-based PPI sales facility
by Gill Montia
Story link: Cassidy David improves web-based PPI sales facility
Cassidy Davis Insurance Group, the personal lines insurer backed by Lloyd’s, has launched a number of improvements to its web-based payment protection insurance (PPI) sales platform.
The move is aimed at increasing the flexibility of product options for customers of intermediaries, intermediary networks and lenders.
The changes will enable distributors to manage the entire PPI sales process […]
