Life Insurance News - December 2010
You may be aware that Lifebroker specializes in life cover for consumers with HIV. The main provider that is used on the Lifebroker website is PruProtect however there are a few new life insurers attempting to enter the market.
An article this week in MoneyMarketing highlights that PruProtect seem to be the best option based on premium even though their insurance criteria are very strict. You can see their basic criteria here.
The article by Tom Selby looks at some findings by specialist adviser Unusual Risks whereby they accuse life insurance providers of failing to properly consider business from people living with HIV.
Lifebroker has found this very disappointing in that the process is very long and misleading. James Markwick, Managing Director at Lifebroker said "Not enough information is provided to consumers prior to them applying for cover. We cannot even provide them with an indicative monthly premium as each application is referred to the Re Insurer so that it can be costed. We tend to use PruProtect and they seem to be very competitive; however by the time the underwriting has taken place clients are loaded by at least £3 per mille (£3 per £1,000 of cover). For us this is really disappointing as we cannot really even set an expectation on price. Some applicants that have been lucky enough to be accepted have found their premiums to increase dramatically on acceptance."
Lifebroker tells their consumers to apply for cover to just find out if they will be accepted. Emma Davis, a life insurance consultant at Lifebroker said "We sadly find that many applicants get declined, usually due to another condition other than being HIV positive. It is free to apply; the insurance company pays for the Doctor's report and also contacts their HIV Specialist and therefore it has to be worth applying just to find out if they will offer you cover. If you get offered cover you can then decide how much you want to pay. You may find that £20 per month gets you £40,000 life cover for the next 10 years. Unfortunately this is not ideal, however some cover has to be better than none."
As the life insurance process is so complex when assessing life insurance whereby someone has a pre existing condition such as HIV that it feels like it takes forever to get a decision made. Once it is made and the life insurance provider declines them then this cannot feel too good.
Lifebroker would like the HIV life insurance providers to set a more realistic expectation for consumers so that they can have more understanding on the process.
People generally get life insurance when they get a mortgage, but they neglect the need to choose critical illness cover even though they are far more likely to need it. Critical illness insurance pays a tax-free lump sum on diagnosis of a serious illness; including conditions such as cancer or a heart attack. Claims statistics suggest you are five times more likely to suffer from a critical illness than you are to die before you reach 65. Medical advances mean more people are surviving conditions that might have killed earlier generations.
Critical illness cover has taken some knocks in recent years as the definitions can be very complex. In all honesty, the life insurance companies have tried to make it easy to understand by having their own list of conditions covered. The list can be found in the insurance company’s Key Features Document (the terms and conditions). Furthermore if you see a financial adviser they should explain what conditions are covered and which ones are not.
PruProtect buck the trend in the way that traditional critical illness cover pays out. They prefer to call their cover ‘Serious Illness Cover’. They claim to protect ‘against serious illnesses as well as advanced or life threatening ones.’
They also state that the industry average for critical illness conditions covered is 34. With PruProtect’s Primary Serious Illness Cover you are covered for 100 conditions. With their more comprehensive Serious Illness Cover, you will be covered for an amazing 161 conditions.
PruProtect’s concept is to offer support that mirrors the impact a condition will have on your life; quite simply the more severe your condition, the larger the payment. Click here to visit PruProtect’s list of conditions.
What’s more, if you do not claim the full sum assured, your remaining cover will continue, allowing you to make further claims. Traditional critical illness policies only pay out once and then end, leaving you unprotected.
As stated previously; most people buy critical illness cover when they take on a major financial commitment, however it is so important to shop around rather than getting the first policy you come across.
Have a look at the Lifebroker website to see how PruProtect compares to the other critical illness polices available to you or give us a call to discuss your options on 08452 51 61 71.
If you do not have life insurance in place, or already have a life insurance policy why not start 2011 by comparing life insurance with Lifebroker?
Most people spend December shopping for Christmas presents, getting ready for the big day. December is also traditionally a quiet time for the life insurance industry and a good time to apply for life insurance so that by the time January comes your new life insurance policy is in place.
James Markwick, Managing Director at Lifebroker said “As December is quiet, why not shop around during the lull so that you can get the policy you want. By the time Christmas has come and gone you can then start the policy. It seems sensible to me that as a New Year’s resolution that you could get your life insurance policy in place or review your cover to see if you can save money. With the expense of Christmas out of the way it is only logical that consumers want to cut back so that they can get their finances back on track”.
You can use the Lifebroker website to search for life insurance for free. Lifebroker deals with all the main UK household brands such as Legal & General, AXA, Aviva & PruProtect. Once you have decided you can then buy online with now hassle. What’s more Lifebroker’s service is fast and efficient which means that it will not hold up your festive preparations.
Lifebroker specialises in Life Insurance, Over 50’s Life Insurance, Mortgage Protection Life Insurance, Critical Illness Cover & Income Protection. Click here if you want a quote or call Lifebroker on 08452 51 61 71 if you want a life insurance quote over the phone.
HAVE A MERRY CHRISTMAS FROM LIFEBROKER!
Posted under : Income Protection, Critical Illness Cover, Legal & General, Mortgage Protection, PruProtect, Personal Insurance, Over 50's Life Insurance, Life Insurance Quote, Life Insurance Comparison, Insurance Products, AXA, AvivaKnow more
Lifebroker wishes you all a very merry Christmas and a Happy New Year for 2011. Whether you are a client of Lifebroker's or are becoming one please feel free to use the Lifebroker website over the festive period to find the best premiums from the main life insurance companies in the UK. Over the festive period make sure that you stay safe and we look forward to helping you in 2011.
- Armed Forces Life Insurance
- Ageas Protect
- Bright Grey
- Business Protection
- Canada Life
- Engage Mutua
- Insurance Products
- Life Insurance Comparison
- Life Insurance Quote
- Over 50's Life Insurance
- Personal Insurance
- Scottish Friendly
- Shepherds Friendly
- Life Insurance Broker
- Life Insurance Research
- Healthy Living
- Level Term Life Insurance
- Heart Disease
- HIV Positive Life Insurance
- Joint Life Second Death
- Inheritance Tax Planning & Trusts
- Insurance Affiliation
- Mortgage Protection
- Legal & General
- Critical Illness Cover
- Income Protection
- Terrence Higgins Trust
- Gift Intervivos Life Insurance
- Income Protection Quote
- Liverpool Victoria
- Fortis Life
- Key Man Insurance
- Diabetes Life Insurance
- Life Insurance for the Overweight
- Friends Provident
HIV, HIV Life Insurance, personal insurance, income protection, Life Insurance, PruProtect, Terrence Higgins Trust, Charity, life insurance quote, trusts, HIV Positive, life cover, life insurance comparison, Aviva, IHT, Engage Mutual, Over 50's Cover, Over 50's Life, Over 50's Life Insurance, Scottish Friendly, Shepherds Friendly, Insurance Gender Ruling, Heart Disease, Bupa, inheritance tax planning, life insurance affiliation, accountants, Legal & Genera, Christmas, critical illness cover, Serious Illness Cover, Armed Forces, Military, Soldiers, gift intervivos life insurance, inheritance tax life insurance, Capita Financial Software, lifebroker Australia, mortgage protection life insurance, online life insurance broker, Synaptic, Webline, life insurance broker, level term life insurance, life insurance products, life insurance research, financial adviser, compare life insurance, Discovery, Essentials, Lifebroker, Online Life Insurance, Pru, Prudential, Vitality Points, Financial Advice, IFA's, life insurance websites, Money Marketing, Natalie Holt, Swiss Re, BMI, body mass index, exercise, overweight, World Cup, England, health care, health cover, optimiser, pmi, private medical, insurance, HIV life cover, life assurance, Diabetes, diabetes critical illness cover, diabetes income protection, diabetes life assurance, diabetes life cover, diabetes life insurance, business protection, key man insurance, key man quotation, key man quote, key person insurance, life insurance quotation, life insurance for people living with HIV, cyclists, estate planning, inheritance tax , life insurance in trust, Fortis, Caterham, Fortis Life, life insurance for people suffering from HIV
64-66 Wingate Square
London SW4 0AF
Our business hours are:
8am - 8pm Monday to Friday
08442 43 53 63
08442 43 53 64
Calling from overseas:
+44 (0)20 7501 1930