Impartial reviews on the latest products and how they can impact consumers.
January 2015 Capita: Other
Capita has launched an inexpensive cancer-only group risk plan, underwritten by Friends Life. The plan has a fixed sum insured of £25,000 per employee on diagnosis of cancer. Capita says critical illness insurance is the third most popular employee benefit (based on its own research among 3,000 employees carried out in 2014), but that ‘broad-brush critical illness policies often fail both the affordability and sustainability tests for many employers due to their cost and the uncertainty of future claims management and underwriting.’ Comment: Cancer only cover has two uses – either as a low cost form of CI cover or…
read more »
January 2015 Saga: HCP
Saga has launched optional Health Cash Benefits cover, which can be added to its existing health insurance plans as an add-on. The option costs from an additional £16.95 a month and the plan is underwritten by AXA PPP healthcare. All claims must be made within 13 weeks of treatment. Maximum benefits are: Dental care: Up to £200 per person per year (pppa). Dental accident: £200 pppa. Dental emergency: £200 pppa. Optical care: £150 pppa. Health screening: £150 pppa. Total maximum annual benefit is £900 pppa. Comment: Health cash plan benefits can be useful as a standalone or add-on benefit (to…
read more »
January 2015 VitalityLife: Other | Term
VitalityLife is the new name for what was PruProtect and to mark the occasion it launched no less than three new plans on 19 November. This plan is a combination of life cover and mortgage incapacity cover and is designed to protect a mortgage. The sum insured can be either level or can decrease in line with a capital and interest mortgage over the same term as the plan and with an interest rate of 7% (so if the actual mortgage interest rate paid is lower, there should be a surplus on death). The life cover element pays off the…
read more »
January 2015 VitalityLife: IP
VitalityLife is the new name for what was PruProtect and to mark the occasion it launched no less than three new plans on 19 November. This plan is an option on its existing income protection (IP) plan and it offers a maximum benefit term of 24 months in order to keep premiums as low as possible. Written on an own occupation disability definition basis, the benefit level is also guaranteed upfront, negating the need for separate financial underwriting when a claim is made. The plan pays up to 50% of income verified at application stage (with a maximum benefit of…
read more »
January 2015 VitalityLife: Later Life | WL
VitalityLife is the new name for what was PruProtect and to mark the occasion it launched no less than three new plans on 19 November. This product is a whole of life plan (with serious illness cover, income protection and other optional add-ons), but with a separate benefit that in effect usually accelerates some or all of the sum insured if the customer needs long term care (LTC). The plan is coupled with Vitality benefits to encourage and reward good lifestyle choices too. A term version is also available, but not with the Lifestyle Care option. If the customer has…
read more »
