Impartial reviews on the latest products and how they can impact consumers.
January 2019 Ellipse: GIP
Ellipse has updated its Group Income Protection proposition, Sick Pay, which is now available to firms with as few as two employees and there is no maximum number that can be covered. In addition, Ellipse has added the capability to provide flexible benefits. Other improvements include a lump sum payment option following a limited term, a higher maximum benefit, more options when covering pension scheme contributions and greater flexibility to accommodate different State benefit deductions. The improvements build on the existing GIP proposition, which includes an employee assistance programme, day one early intervention and vocational rehabilitation. Comment: In June, AIG…
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January 2019 Royal London: CI
One of the latest big insurers to update its CI plan is Royal London. It has added ten new definitions (three main, six additional and one enhanced child CI), and enhanced eight existing ones (five main and three additional). The focus has been on enhancing the cancer, heart, MS and enhanced child CI definitions. The three new main definitions are: • Cauda equine. • Heart failure. • Peripheral vascular disease. The five changes to existing main definitions are: • Cardiomyopathy (a change to title from primary cardiomyopathy and also wording changes). • Multiple sclerosis. • Parkinson’s disease. • Pulmonary artery…
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December 2018 VitalityLife: Later Life
Dementia and FrailCare Cover is a new no initial cost add-on to Vitality’s Serious Illness Cover (SIC). Vitality has launched the variant as it says current solutions to the ageing population are falling short of the growing need for customers to prepare for the costs of living with conditions in later life, particularly with regard to degenerative conditions such as dementia, Alzheimer’s, Parkinson’s, stroke and general frailty. Dementia and FrailCare Cover is an industry first and is aimed at helping people prepare financially for becoming frail or getting dementia in later life. Vitality points out that care costs in later…
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November 2018 Unum: Other
Unum has launched a solution that lets staff pay for a range of benefits alongside existing employer-paid options. Called Benni, it is available either direct or white labelled and provides businesses with a portfolio of employee-paid benefit options that they can make available to their staff. Benni’s support team communicates to employees about the benefit offering, educates them on how it works, and helps them sign up and buy benefits. Benni offers a simple 3-step solution: 1) The employer chooses which benefits they want to offer. There is a portfolio of product options that employers can make available to all…
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November 2018 Cirencester Friendly: IP
Cirencester Friendly has re-launched its My Earnings Insurance income protection (IP) policy with key improvements and a new name. The plan is now called My Earnings Protected and again features guaranteed premiums, day one cover, no loadings for occupation, smoking or hazardous pursuits and can cover up to 65% of earnings. The revised product also features: No State benefits deduction at point of claim. An increased maximum benefit level. Guaranteed insurability options for lifestyle events. A wider choice of deferred periods. Improved relapse benefit. Removal of the initial waiting period. A more relaxed approach to the length of time an…
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