Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Heart Valve Replacement or Repair.
Like most Critical Illness policies, Fortis' definition for Heart Valve Replacement or Repair claims had previously required the use of 'open heart surgery', where the breastbone is divided to provide access. With advances in medical science this type of surgery can often be performed without the need for this, and if a policyholder did have advanced techniques used for Heart Valve Replacement or Repair in many cases a claim could not be made under the policy as the definitions would not be met. The new definition has removed this requirement so that claims can still be accepted regardless of this aspect.
We think this is a great move forward and prevents the policyholders receiving advanced heart surgery from feeling short-changed by their insurer over non payment of claims resulting from seemingly trivial aspects surrounding circumstances which are otherwise the same, and most importantly, that have the same impact on the family regardless of this minor point.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page
read more....
Wednesday, 30 June 2010
Monday, 28 June 2010
Fortis Life Improves Critical Illness Coverage Again
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
In addition to these latest improvements, which are covered in more detail in recent posts on this newsblog, Fortis have added yet another Critical Illness Condition to their already market leading product, taking the total number of conditions covered to 40.
The most recent additional condition covered under Fortis Life's Critical Illness Cover is 'Multiple System Atrophy' (MSA). MSA is a progressive neurological disorder that affects adult men and women. MSA is caused by degeneration of nerve cells in specific areas of the brain. This cell degeneration causes problems with movement, balance and automatic functions of the body such as bladder control.
According to information from The Sarah Matheson Trust, a registered charity focused on MSA, 5 people per 100,000 in the UK may suffer from MSA, which usually starts between the ages of 50-60 years, although it can affect people younger and older than this. MSA does not appear to be hereditary and is not infectious or contagious - it is a sporadic disorder that occurs at random.
We think that the addition of MSA to the conditions covered is a great move forward and prevents policyholders whose lives and livelihoods may be affected by MSA feeling short-changed by their insurer an inability to claim on their Critcal Ilnnes Policy in circumstances where they have clearly suffered a Critical Illness and the impact on their lives is comparable to sufferers of other conditions more commonly covered.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this important point could make in the event that you need to make a claim one day, and whether you are prepared to risk being unable to do so if your condition turns out to be not covered under your policy.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
In addition to these latest improvements, which are covered in more detail in recent posts on this newsblog, Fortis have added yet another Critical Illness Condition to their already market leading product, taking the total number of conditions covered to 40.
The most recent additional condition covered under Fortis Life's Critical Illness Cover is 'Multiple System Atrophy' (MSA). MSA is a progressive neurological disorder that affects adult men and women. MSA is caused by degeneration of nerve cells in specific areas of the brain. This cell degeneration causes problems with movement, balance and automatic functions of the body such as bladder control.
According to information from The Sarah Matheson Trust, a registered charity focused on MSA, 5 people per 100,000 in the UK may suffer from MSA, which usually starts between the ages of 50-60 years, although it can affect people younger and older than this. MSA does not appear to be hereditary and is not infectious or contagious - it is a sporadic disorder that occurs at random.
We think that the addition of MSA to the conditions covered is a great move forward and prevents policyholders whose lives and livelihoods may be affected by MSA feeling short-changed by their insurer an inability to claim on their Critcal Ilnnes Policy in circumstances where they have clearly suffered a Critical Illness and the impact on their lives is comparable to sufferers of other conditions more commonly covered.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this important point could make in the event that you need to make a claim one day, and whether you are prepared to risk being unable to do so if your condition turns out to be not covered under your policy.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Friday, 25 June 2010
Fortis Life Improves Cover Definitions for Burns Claims
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Third Degree Burns.
Like most Critical Illness policies, Fortis' definition for Third Degree Burns claims had previously been covered under 2 separate definitions, one relating to the face and the percentage of the surface area that would need to be affected as a minimum, and th other relating to the body and the minimum percentage of it's surface area affected. The new definition has simplified this into a single definition for improved clarity and ease of understanding, and makes claims possible if at least 20% of the surface area of the face or body is affected by Third Degree Burns.
We think this is a great move forward and helps to prevent policyholders from becoming confused by or misunderstanding the definitions of the cover under their policy, and potentially feeling short-changed by their insurer over non payment of claims in circumstances where they may have believed the cover in place to be different.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Third Degree Burns.
Like most Critical Illness policies, Fortis' definition for Third Degree Burns claims had previously been covered under 2 separate definitions, one relating to the face and the percentage of the surface area that would need to be affected as a minimum, and th other relating to the body and the minimum percentage of it's surface area affected. The new definition has simplified this into a single definition for improved clarity and ease of understanding, and makes claims possible if at least 20% of the surface area of the face or body is affected by Third Degree Burns.
We think this is a great move forward and helps to prevent policyholders from becoming confused by or misunderstanding the definitions of the cover under their policy, and potentially feeling short-changed by their insurer over non payment of claims in circumstances where they may have believed the cover in place to be different.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Wednesday, 23 June 2010
Fortis Life Improves Cover Definitions for Paralysis of Limbs Claims
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Paralysis of Limbs.
Like most Critical Illness policies, Fortis' definition for Paralysis of Limbs claims had previously required at least two limbs to be affected. The new definition has reduced this requirement so that claims can still be accepted where only one limb is affected.
We think this is a great move forward and prevents the policyholders whose lives and livelihoods have been affected through the paraylsis of a single limb feeling short-changed by their insurer over non payment of claims in circumstances where many believe they are actually covered anyway, and where the impact on their lives is similar.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the definition for Paralysis of Limbs.
Like most Critical Illness policies, Fortis' definition for Paralysis of Limbs claims had previously required at least two limbs to be affected. The new definition has reduced this requirement so that claims can still be accepted where only one limb is affected.
We think this is a great move forward and prevents the policyholders whose lives and livelihoods have been affected through the paraylsis of a single limb feeling short-changed by their insurer over non payment of claims in circumstances where many believe they are actually covered anyway, and where the impact on their lives is similar.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Monday, 21 June 2010
Small Businesses Need to Improve Protection
According to Scottish Provident, two thirds of small businesses believe the death of a key employee would have a severe impact on their business, yet suprisingly few have any key employee insurance.
Scottish Provident's research shows that 65% of small businesses fear a key employee dying, but only 18% have cover in place.
And over half (57%) also believe that their business would be significantly affected if a key employee was unable to work for more than six months due to a serious illness.
This gulf between acknowledged need and actual cover is even more surprising, given that nearly half (48%) predict that a key employee will suffer an illness over which they will be off work for at least six months in the future.
Jerry Bayman, national corporate sales manager at Scottish Provident, believes precious few small businesses seem to be acting to safeguard their company in the eventuality of a key employee's death or illness.
"The statistics are frightening," he says.
"In a business with four key male employees, there is a 29% chance one will die before retirement and a 68% chance that one will have a critical illness.
"However, worryingly, over half (52%) say they don't know what the probability is that one of their key employees will suffer an illness meaning they will be off work for six months or more.
"Our research shows that small business owners need to improve their knowledge of how to protect their business and their employees, in case illness or death should occur," he adds.
To speak to a business protection specialist call 0845 003 0065 read more....
Scottish Provident's research shows that 65% of small businesses fear a key employee dying, but only 18% have cover in place.
And over half (57%) also believe that their business would be significantly affected if a key employee was unable to work for more than six months due to a serious illness.
This gulf between acknowledged need and actual cover is even more surprising, given that nearly half (48%) predict that a key employee will suffer an illness over which they will be off work for at least six months in the future.
Jerry Bayman, national corporate sales manager at Scottish Provident, believes precious few small businesses seem to be acting to safeguard their company in the eventuality of a key employee's death or illness.
"The statistics are frightening," he says.
"In a business with four key male employees, there is a 29% chance one will die before retirement and a 68% chance that one will have a critical illness.
"However, worryingly, over half (52%) say they don't know what the probability is that one of their key employees will suffer an illness meaning they will be off work for six months or more.
"Our research shows that small business owners need to improve their knowledge of how to protect their business and their employees, in case illness or death should occur," he adds.
To speak to a business protection specialist call 0845 003 0065 read more....
Sunday, 20 June 2010
FSA to become Bank of England subsidiary
The FSA is to become a subsidiary of the Bank of England with a separate Consumer Protection Agency set up to regulate IFAs.
Chancellor George Osborne is set to reveal the restructure in his first Mansion House speech this Wednesday, according to a blog from the BBC’s business editor Robert Peston.
Peston says the Chancellor is also set to announce the separation of the FSA’s consumer protection activities into a new body called the Consumer Protection Agency, as proposed by the Conservative Party before the election. The CPA would oversee regulation of IFAs.
The FSA's enforcement activities are also set to be hived off to create a new Economic Crime Agency.
These reforms will mean that the part of the FSA that monitors banks, insurers and other financial institutions will become part of the Bank of England, though the existing FSA board is expected to remain in place.
The Bank of England will also set up a new Financial Policy Committee made up of executives from the Bank of England and senior representatives from the FSA.
The committee will be responsible for maintaining financial stability, and will use macro-prudential tools to prevent banks from offering credit when the economy overheats.
It had been thought that the FSA’s regulatory role would be retained following the coalition Government’s Programme for government document, which made no mention of plans for the FSA.
Despite the Conservatives long-held ambition to dismantle the FSA and hand power back to the Bank of England, the coalition’s Programme for government only referred to plans to “give the Bank of England control of macro-prudential regulation and oversight of micro-prudential regulation.” This was widely interpreted to mean that the FSA would be preserved.
Handing control back to the Bank of England would see a reversal of Gordon Brown’s decision in 1997 to take banking supervision from the Bank of England and merge it with other City regulatory bodies to set up the FSA. read more....
Chancellor George Osborne is set to reveal the restructure in his first Mansion House speech this Wednesday, according to a blog from the BBC’s business editor Robert Peston.
Peston says the Chancellor is also set to announce the separation of the FSA’s consumer protection activities into a new body called the Consumer Protection Agency, as proposed by the Conservative Party before the election. The CPA would oversee regulation of IFAs.
The FSA's enforcement activities are also set to be hived off to create a new Economic Crime Agency.
These reforms will mean that the part of the FSA that monitors banks, insurers and other financial institutions will become part of the Bank of England, though the existing FSA board is expected to remain in place.
The Bank of England will also set up a new Financial Policy Committee made up of executives from the Bank of England and senior representatives from the FSA.
The committee will be responsible for maintaining financial stability, and will use macro-prudential tools to prevent banks from offering credit when the economy overheats.
It had been thought that the FSA’s regulatory role would be retained following the coalition Government’s Programme for government document, which made no mention of plans for the FSA.
Despite the Conservatives long-held ambition to dismantle the FSA and hand power back to the Bank of England, the coalition’s Programme for government only referred to plans to “give the Bank of England control of macro-prudential regulation and oversight of micro-prudential regulation.” This was widely interpreted to mean that the FSA would be preserved.
Handing control back to the Bank of England would see a reversal of Gordon Brown’s decision in 1997 to take banking supervision from the Bank of England and merge it with other City regulatory bodies to set up the FSA. read more....
Saturday, 19 June 2010
PruProtect launches combined CI & Health Policy
PruProtect is offering two new health insurance products - health cover and health cover optimiser, which it says will provide easier access to private medical insurance.
PruProtect's health cover pays for the cost of private care for a wide range of conditions, including day-to-day treatment, seeing a specialist or having an operation. PruProtect policyholders can add this cover to their existing policy, or include it when buying Life, Income Protection or Serious Illness Cover.
Instead of having to buy serious-illness cover and health cover separately, they can be combined in one package with a single application form, one direct debit and at a 5 per cent discount compared with buying the cover separately.
The products come in three tiers of cover - comprehensive, primary and heart and cancer cover - and are all supported by PruHealth.
Health cover optimiser allows clients to create a comprehensive package of benefits in one vehicle, saving up to 25 per cent on buying health cover separately from PruHealth.
The Money Helper director Michael Cooke says: “Health insurance and protection are usually completely separate, and often are not even handled by the same adviser, which seems a shame for the consumer. We welcome this initiative to more simply enable consumers to benefit from a wider range of advice without additional hurdles to overcome.” read more....
PruProtect's health cover pays for the cost of private care for a wide range of conditions, including day-to-day treatment, seeing a specialist or having an operation. PruProtect policyholders can add this cover to their existing policy, or include it when buying Life, Income Protection or Serious Illness Cover.
Instead of having to buy serious-illness cover and health cover separately, they can be combined in one package with a single application form, one direct debit and at a 5 per cent discount compared with buying the cover separately.
The products come in three tiers of cover - comprehensive, primary and heart and cancer cover - and are all supported by PruHealth.
Health cover optimiser allows clients to create a comprehensive package of benefits in one vehicle, saving up to 25 per cent on buying health cover separately from PruHealth.
The Money Helper director Michael Cooke says: “Health insurance and protection are usually completely separate, and often are not even handled by the same adviser, which seems a shame for the consumer. We welcome this initiative to more simply enable consumers to benefit from a wider range of advice without additional hurdles to overcome.” read more....
Friday, 18 June 2010
Fortis Life Improves Cover Definitions for Coma Claims
Fortis Life have announced further improvements to their already market leading Critical Illness Cover.
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the Coma definition.
Like most Critical Illness policies, Fortis' definition for Coma claims had previously required the use of life support systems for at least 24 for hours. The new definition has removed this requirement so that claims can still be accepted regardless of this aspect.
We think this is a great move forward and prevents the families of coma victims feeling short-changed by their insurer over non payment of claims resulting from seemingly trivial aspects surrounding circumstances which are otherwise the same, and most importantly, that have the same impact on the family regardless of this minor point.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Fortis Life's Critical Illness Coverage now has 10 conditions which improve upon the definitions laid down by the Association of British Insurers (ABI).
Among these latest improvements, all of which are designed to make claims possible in more cases than before, is an improvement to the Coma definition.
Like most Critical Illness policies, Fortis' definition for Coma claims had previously required the use of life support systems for at least 24 for hours. The new definition has removed this requirement so that claims can still be accepted regardless of this aspect.
We think this is a great move forward and prevents the families of coma victims feeling short-changed by their insurer over non payment of claims resulting from seemingly trivial aspects surrounding circumstances which are otherwise the same, and most importantly, that have the same impact on the family regardless of this minor point.
If you have Critical Illness Insurance, or have thought about taking some out, perhaps you'd like to consider the potential differences that this small but important point in the definitions could make in the event that you need to make a claim one day, and whether you are prepared to risk a claim being rejected over small print like this.
If you'd like to know more or just have a chat with an expert just give us a call on 0845 003 0065 or visit our Critical Illness Information page read more....
Friday, 11 June 2010
Life Assurance Protection Gap Reaches £2.4Trillion
According to calculations by Swiss Re, the life assurance protection gap has increased for the first time since 2004 to reach £2.4 trillion.
The world's 2nd largest reinsurer has published its latest annual Term & Health Watch report which builds a picture of the level of new individual protection business written in 2009. Swiss Re says that the life assurance protection gap, measured in sums assured, hit £2.4trn last year, from £2.3trn in 2008.
It attributes this increase to a decline in the number of in-force policies despite the report showing that new whole of life business, new term assurance sales, and critical illness sales all rose last year, which can only mean that existing policies are being cancelled or allowed to lapse at a greater rate than new policies are being taken out.
New whole life business increased by 12.6% to 318,078 policies, new term assurance sales were up 4.1% to 1,507,685 policies, while critical illness sales rose 3.8% to 530,214 policies.
Meanwhile the income protection gap remains at £190m annual benefit, the same level as last year.
Overall, income protection sales fell 7.5% to 117,288 from 126,815 in 2008.
Ron Wheatcroft, co-author of Term & Health Watch 2010, says: “There are some encouraging signs that the industry is making progress through sales of more innovative income protection products, such as those which incorporate redundancy or unemployment cover or through shorter deferred periods.
“But the growth is modest when compared against the overall net decline in sales. As people find it increasingly harder to claim state benefits, the government can play a key role here too by setting out clearly to consumers that they need to take positive action to protect themselves against the risks they run.” read more....
The world's 2nd largest reinsurer has published its latest annual Term & Health Watch report which builds a picture of the level of new individual protection business written in 2009. Swiss Re says that the life assurance protection gap, measured in sums assured, hit £2.4trn last year, from £2.3trn in 2008.
It attributes this increase to a decline in the number of in-force policies despite the report showing that new whole of life business, new term assurance sales, and critical illness sales all rose last year, which can only mean that existing policies are being cancelled or allowed to lapse at a greater rate than new policies are being taken out.
New whole life business increased by 12.6% to 318,078 policies, new term assurance sales were up 4.1% to 1,507,685 policies, while critical illness sales rose 3.8% to 530,214 policies.
Meanwhile the income protection gap remains at £190m annual benefit, the same level as last year.
Overall, income protection sales fell 7.5% to 117,288 from 126,815 in 2008.
Ron Wheatcroft, co-author of Term & Health Watch 2010, says: “There are some encouraging signs that the industry is making progress through sales of more innovative income protection products, such as those which incorporate redundancy or unemployment cover or through shorter deferred periods.
“But the growth is modest when compared against the overall net decline in sales. As people find it increasingly harder to claim state benefits, the government can play a key role here too by setting out clearly to consumers that they need to take positive action to protect themselves against the risks they run.” read more....
Tuesday, 1 June 2010
How's your Business Will ?
Like most financially responsible people you’ve probably written a personal will. No doubt you did this to make sure that your estate goes to your chosen beneficiaries in the event of your death, rather than be decided by the intestacy laws.
But what about your business? What would happen if you or one of your co-shareholders died or had to retire through ill health?
Do you have a business will? Have you established a process that will ensure that the business shares could be bought by the remaining shareholders for a fair price?
If not, it might be worth thinking about what the consequences could be for you, your family or your business. Your Articles of Association may well dictate how shares are dealt with on death or retirement. They may also set out how your business will be valued in these circumstances.
However if a business has just lost a key shareholding director, it’s fair to assume that it’s unlikely to have enough cash flow to be able to buy those shares. Borrowing funds from the bank is one solution, but in the current economic climate, how easy would that be?
Being unable to buy these shares, or having no agreement in place to manage this situation, could lead to expensive legal action, loss of control of the business and financial difficulties for the dependants.
The Money Helper are specialists in creating business wills. We look at your current arrangements and make sure that they allow for proper control of the business for the remaining shareholders at the same time as providing the funding that guarantees a fair value for the outgoing shareholder or his or her beneficiaries.
We can provide the legal documentation you need, or work with your existing accountants or solicitors.
read more....
But what about your business? What would happen if you or one of your co-shareholders died or had to retire through ill health?
Do you have a business will? Have you established a process that will ensure that the business shares could be bought by the remaining shareholders for a fair price?
If not, it might be worth thinking about what the consequences could be for you, your family or your business. Your Articles of Association may well dictate how shares are dealt with on death or retirement. They may also set out how your business will be valued in these circumstances.
However if a business has just lost a key shareholding director, it’s fair to assume that it’s unlikely to have enough cash flow to be able to buy those shares. Borrowing funds from the bank is one solution, but in the current economic climate, how easy would that be?
Being unable to buy these shares, or having no agreement in place to manage this situation, could lead to expensive legal action, loss of control of the business and financial difficulties for the dependants.
The Money Helper are specialists in creating business wills. We look at your current arrangements and make sure that they allow for proper control of the business for the remaining shareholders at the same time as providing the funding that guarantees a fair value for the outgoing shareholder or his or her beneficiaries.
We can provide the legal documentation you need, or work with your existing accountants or solicitors.
read more....
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