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July 2017 Security Trust: Other

SecurityTrust is a new boutique virtual insurer which works closely with certain Lloyds’s underwriters and aims to introduce a range of mass market innovative health and lifestyle products.

MediVISA is administered by Dual Corporate Risks Ltd and is described as being a low cost innovative health insurance plan covering cancer, heart diseases, neurological conditions and other illnesses. It offers treatment not available on the NHS or in the UK at international medical facilities which offer pioneering therapies.

MediVISA also means customers and their dependents can get access to the latest and most advanced treatments, therapies and procedures available, including stem cell treatment, proton therapy, bone marrow and organ transplantation, SecurityTrust says.

There are two versions - Standard and Gold – and they provide the following maximum benefits:

Benefit                                                                                                  Standard                    Gold

UK treatment, hospitalisation and care                                               FR                                 FR

Lump sum benefit post treatment abroad                                           £10K                            £10K

Medical 2nd opinion                                                                            Yes                               Yes

Travel costs                                                                                         FR economy             FR bus class

Accommodation costs                                                                         4 star                           5 star

Daily cash allowance (max 45 days)                                                   £125                             £250

Medications (lifetime limit)                                                                   £30K                            £60K

Repatriation of mortal remains                                                            FR                                 FR

Optional UK cover                                                                               Yes                               Yes

Max benefit pa (lifetime limit is double)                                               £1m                             £2m

FR: Full refund type benefit

Benefits can only be claimed for the following conditions (full details are set out in the policy document):

·         Cancer treatment.

·         Heart conditions.

·         Neurological conditions.

·         Conditions that respond to stem cell treatment.

·         Live organ transplant as a donee.

·         Bone marrow transplant.

Customers must choose to add Home Country cover to be able to have treatment in the UK too.

Once a diagnosis has been confirmed, MediVISA’s Claims and Concierge service provides a second opinion service; lump sum and daily cash benefits; travel and accommodation expenses for both the insured person and a companion. All the arrangements are directly booked, organised and paid for.

There is a blanket moratorium, with any covered condition suffered in the last ten years being excluded. There is also an initial 90 day waiting period and all treatment must be pre-authorised.

An online quote and joining system means speedy acceptance (helped by using a moratorium) and the plan is available for individuals, their families and as company employee cover.

Comment: The mere mention of the word ‘cancer’ still terrifies many people and, despite big progress in treating it, it is still a potential killer and life changer. Critical illness insurance (CI) has proven the value of a financial solution to some of the problems cancer can give rise to and private medical insurance (PMI) too is also often bought with the thought of needing cancer treatment.

It’s not just cancer – and SecurityTrust has recognised that and devised this plan to provide specialist cover for selected very serious conditions beyond cancer too. The overall package of benefits – a second opinion service, concierge service, paying for treatment, paying a daily expense allowance, a cash lump sum for recuperation and paying for ongoing medications too is a powerful mix. 

However, compared to what’s already available, CI cover can provide more money (and for more conditions), while PMI (and also hospital treatment plans to some extent) typically only pay for treatment but cover virtually all acute hospital treatment.

So, on its own, this plan gives more cover but in a narrower band. But, add in CI and PMI too from other providers (maybe without heart and cancer cover on the PMI) and the plan looks to make most sense. But that adds cost.

It’s all a question of how far the customer is happy to rely on the NHS and what exactly they want cover for. When assessing cancer cover I also tend to apply a benign brain tumour test. That condition is not cancer, but its effects can be just as serious. In the early days of CI it wasn’t covered but quite quickly it became apparent that it should be, even if that meant complicating the product. This plan looks to fail that test but, that said, such cover extensions could be considered when the plan is next reviewed. Otherwise, if they have just this plan and no PMI or CI, the customer themselves takes on the big risk that they may get the wrong kind of serious illness and perhaps only then realise that another type of cover would have been more useful to them.

Plus points: Innovative and new; Simple but comprehensive help if a serious condition arises; Treatment can be at the best facilities; Non-NHS treatments can be covered; Good overall and individual cover levels.

Not so plus points: Treatment is outside the UK unless the Home Country cover has been added; The ten year moratorium can be harsh in practice; Cover is more limited in breadth than what a typical CI or PMI policy would provide.

Website: http://www.securitytrust.co.uk/intermediaries.

Rating (max 10): Innovation:  9. Overall: 7.5. Gold

Tags: Other; SecurityTrust