The Association of British Insurers (ABI) has issued a new statement regarding best practice for providers of critical illness insurance, which will have to be implemented by the end of next year at the latest.
The move by the industry body should mean greater clarity for people taking out critical illness cover, as it introduces changes that take into account previous issues regarding the insurance type, especially in terms of total permanent disability cover in critical illness policies .
Although total permanent disability cover is only involved in 3 per cent of all claims under critical illness, according to the ABI, it does present a much higher proportion of claims that have not been accepted in the past.
The statement therefore brings in a new set of standard definitions for total permanent disability cover, as well as replacing the old wording of the terminal illness definition, including changes to definitions for cancer and Parkinsons disease . In addition, the pre-existing conditions exclusion for policies involving children’s critical illness has been standardised.
Nick Kirwan, assistant director of health and protection at the ABI, said "The work on developing standard definitions for TPD and children’s cover will help ensure that critical illness policies are clear and pay out in line with customer expectations."
Wednesday, March 9, 2011
Save money on insurance premiums by quitting smoking
This Wednesday 9 March is No Smoking Day and maybe the incentive some are looking for to stop smoking .
By stopping smoking it’s not the health that’s benefits but it can help finances . If an average packet of 20 cigarettes costs approx £6.85, those who smoke one packet a day could potentially save £2,500 a year.
It isn’t just the cost of the cigarettes where money can be saved. Savings can also be made on life and health insurance premiums, but only 12 months after quitting.
According to LifeSearch non-smokers can pay up to 50 per cent less in premiums. By getting in touch with your insurance company or a financial adviser, you could be making big savings.
However Matt Morris, senior policy adviser at LifeSearch advises, "It is important to make sure you have a new policy in place before cancelling the existing one, as a new policy could turn up some nasty surprises in underwriting and may even be declined if your health has changed."
By stopping smoking it’s not the health that’s benefits but it can help finances . If an average packet of 20 cigarettes costs approx £6.85, those who smoke one packet a day could potentially save £2,500 a year.
It isn’t just the cost of the cigarettes where money can be saved. Savings can also be made on life and health insurance premiums, but only 12 months after quitting.
According to LifeSearch non-smokers can pay up to 50 per cent less in premiums. By getting in touch with your insurance company or a financial adviser, you could be making big savings.
However Matt Morris, senior policy adviser at LifeSearch advises, "It is important to make sure you have a new policy in place before cancelling the existing one, as a new policy could turn up some nasty surprises in underwriting and may even be declined if your health has changed."
U.S. Appeals Florida Health Care Ruling
The Justice Department filed notice on Tuesday that it was appealing a decision by a federal judge in Florida who struck down the new health care law, saying it was unconstitutional for the federal government to require Americans to obtain health insurance. The judge, Roger Vinson of Federal District Court in Pensacola, voided the entire law after finding that the insurance requirement was “inextricably bound” to other provisions of the statute. The Justice Department said it was asking the United States Court of Appeals for the 11th Circuit, in Atlanta, to provide an “expedited review” of the decision.
Simplyhealth unveils health plan to support over 70s
Affordability is crucial to maintaining the health and wellbeing of the nation's ageing population, according to the results of a recent survey carried out by health insurance provider Simplyhealth .
Almost 45 per cent of over 70s said that if access to healthy living was more affordable, it would help them keep fit and active. With 16 per cent of the UK's population aged 65 and over, its necessary for improvements to be made to the affordability of healthy living if Britain is to manage this growing demographic. Paying heed to this, Simplyhealth has introduced a new health plan, the Simply Cash Plan 70 Plus, for individuals aged 70 and over.
Clare Lee, spokesperson for Simplyhealth, said: "According to our research, 58 per cent of over 70s do attend regular health appointments. Yet, 26 per cent of those surveyed said that they needed extra encouragement to regularly attend routine health appointments. That's why we've launched Simplyhealth's new Simply Cash Plan 70 Plus, to help those over the age of 70 better budget for their everyday healthcare needs."
Almost 45 per cent of over 70s said that if access to healthy living was more affordable, it would help them keep fit and active. With 16 per cent of the UK's population aged 65 and over, its necessary for improvements to be made to the affordability of healthy living if Britain is to manage this growing demographic. Paying heed to this, Simplyhealth has introduced a new health plan, the Simply Cash Plan 70 Plus, for individuals aged 70 and over.
Clare Lee, spokesperson for Simplyhealth, said: "According to our research, 58 per cent of over 70s do attend regular health appointments. Yet, 26 per cent of those surveyed said that they needed extra encouragement to regularly attend routine health appointments. That's why we've launched Simplyhealth's new Simply Cash Plan 70 Plus, to help those over the age of 70 better budget for their everyday healthcare needs."
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