Editor’s Choice
HEALTHCARE INSURANCE REPORT - 1ST MARCH 2007
None of this month’s products are entirely new, but all incorporate a number of new elements into existing products.
British Insurance continues its policy of undercutting High Street payment protection insurance players and has now raised broker commission rates too. Dentist & General has introduced some useful changes on its Holloway income protection plan while another income protection provider, UnumProvident, has formalised its Flexible Benefits proposition.
Our Editor’s Choice though is HSA’s revised WorkWell. This basic health cash plan offers 100% repayment on key cash plan benefits but now adds occupational health and health screening options too – it also illustrates one reason why health insurers have been buying up OH providers of late.
British Insurance payment protection insurance plans
Simon Burgess’s British Insurance has launched a new website featuring a range of payment protection insurance products covering accident, sickness and unemployment, underwritten by Bankers Insurance Company Ltd.
• Income payment protection insurance pays up to the lower of £1,000 a month or 50% of gross monthly income and pays back to day one benefit after 30 days and for up to 12motnhs. Monthly premiums are age related and range from £2.75% at ages 18-25 up to £8.85 at ages 61-64.
• Loan payment protection insurance. Similar cover, but the maximum benefit is 125% of monthly loan costs up to a maximum of the lower of £1,000 a month or 65% of gross monthly income. Rates vary from £2.65% a month at ages 18-25 at ages 61-64.
• Mortgage payment protection insurance is again similar but maximum benefit is 125% of monthly mortgage costs up to the lower of £2,000 a month or 65% of gross monthly income. Monthly premium rates vary form £2.15% (£1.30 for unemployment or incapacity only) at ages 18-25, up to £7.15% (£4.30% for unemployment or incapacity only) at ages 61-64.
We like: very low cost at younger ages and most rates undercut High Street lenders’ standard rates. Commission to brokers has now been increased to 30% a year.
We dislike: cover can be cancelled at 90 days’ notice by the underwriter. Expensive at older ages.
Contact: 0870 240 3946 or www.britishinsurance.co.uk
