Impartial reviews on the latest products and how they can impact consumers.
March 2015 Zurich: IP
Zurich’s new flexible group income protection (GIP) plan is aimed at larger organisations – those with at least 250 employees. Key features of the new plan include: Each employee gets a basic core level of cover. They can then increase that to meet their needs and budget. The minimum insured benefit is usually 25% of salary. The maximum insured benefit is the lower of 80% of salary or £350,000. There is a choice of benefit payment periods of 2, 3, 4 or 5 years or to policy terminating age. Employees can change their benefits at an annual window or following…
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March 2015 Unum: Group life
Unum’s new Simple Group Life is a simplified version of its existing Registered Group Life policy and its key features and benefits include: There is one flat level of benefit, which can be from £50K to £100K per member. Guaranteed cover for all employees or all pension members who are below State Pension Age and who are fit for work on the day membership starts. Unum does not allow discretionary entrants under this plan. There are no medical underwriting forms. The plan is available on an employer-funded basis only. Minimum membership is 20 employees. Unum’s free master trust is included…
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March 2015 Columbus Direct: ASU
Travel insurance specialist Columbus Direct has launched a direct to consumer (D2C) ASU (accident, sickness and unemployment) product. Main features of the plan are: Choice of ASU or AS only or U only cover. Maximum monthly benefit is £2,500 (the minimum is £100) and customers can choose any level of cover up to that, provided that it does not exceed 60% of their income. Benefit can be paid for up to 6 or 12 months. No initial three month exclusion period. Excess periods of 0, 30 or 60 days are available. The initial period for unemployment benefit is 90 days.…
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March 2015 Bupa: iPMI
Bupa Global has recently launched tiered international private medical insurance (iPMI) products in Hong Kong (January 2015), Mexico (February 2015), and now in the UK too. Four new UK iPMI products have been launched, comprising: Bupa Global Select. This has a £1m annual limit and pays for semi-private hospital accommodation, medical evacuation, cancer and mental health treatment plus health screenings. Bupa Global Premier. This plan has a £1.5m annual limit and adds private hospital accommodation, optical and dental, physiotherapy, osteopathy and chiropractic treatment, plus vaccinations and dental and eye checks. Bupa Global Elite. This has a £3m annual limit and…
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February 2015 ManuLife: Other
With the exception of iPMI plans, we normally restrict our reviews to UK life and health insurances. However, this critical illness (CI) plan is marketed by Manulife in Hong Kong and we are reviewing it because some of its design elements may be of interest to UK CI insurers. Customers can choose to pay a flat guaranteed premium over periods of 10, 20 or 25 years or to age 65. Cover can last up to age 100. The plan covers 65 conditions and using partial payments, more than one claim can be made (up to age 85) – even for…
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