Watch the Insurance Market as They Explore New Technology

With all the excitement around growth and changes in the mortgage market, perhaps the the protection market has slipped under the radar. In a lot of ways, the two markets go hand in hand and changes to the way people buy property certainly affect the way insurance is bought and sold.

That is not to say that they are simply two sides of the same coin, though. While the lenders are improving their product ranges, insurers are at the point of completely rethinking the way they offer protection thanks to evolving technology.

One particular change we expect is that policies will be increasingly tailored to the individuals who take them out. An article from Money Marketing focuses on wearable technology and health, but that is just the tip of the iceberg.

The insurance industry has a lot to work with, and to work through. Trials of new technology will fuel important discussions on ethics and practicalities. So, watch this space!

Posted in Income Protection, Insurance, Life Assurance

LV= Radically Enhances Critical Illness Cover

LV= has dramatically improved its critical illness cover, paying out twice the original sum for certain illnesses.

The double cover is the headline enhancement in a raft of changes to its policies. Overall, LV= is now offering:

  • 200% cover for specified conditions (for example loss of speech, paralysis of a limb, traumatic head injury) caused directly by an accident
  • 150% cover for customers under 45 diagnosed with certain neurological diseases
  • Cover now available for 11 more conditions, including nine new partial payment conditions
  • Definitions for motor neurone disease and terminal illness
  • Maximum age for cover increased from 60 to 65
  • Children covered for the same number of illnesses as adults

There is a cap of an additional £200,000 on the double payment feature. The new full payment conditions are cardiac arrest and pneumonectomy, while the partial payments are:

  • Accident hospitalisation
  • Arteriovenous malformation of the brain
  • Carcinoma in situ cervix
  • Carcinoma in situ urinary bladder
  • Minor stroke
  • Minor heart attack
  • Non-severe cardiomyopathy
  • Partial third degree burns
  • Testicular carcinoma

It is nice to hear positive news in relation to life insurance companies. LV=’s hybrid approach between traditional cover and severity-based payments throws down the gauntlet to other insurers.

Just remember that Limetree are whole of market insurance brokers. When it comes to finding the best critical illness cover for you we will research not just Liverpool Victoria, but the rest of the market too.

Posted in Income Protection, Insurance, Life Assurance

Christmas Costs More Thanks to Brussels

Some people can’t get enough Brussels in their Christmas dinner while others can’t stand them. But I’m not talking about the sprouts. This December sees the new gender directive coming into force from the European Court of Justice in Belgium.

What does it mean? In life insurance it means that insurance firms’ actuaries can no longer discriminate between men and women when pricing or costing insurance.

The net result is that premiums for women and men will go up. Initial figures suggest that the increase could be as much as 20%.

In order to implement these forthcoming price changes the insurance providers have spent considerable time remodelling their pricing systems. This has been time consuming and expensive. The cost of remodelling will be paid for by new policy holders.

Don’t you just love Brussels?

If you have been putting off getting your business or personal life insurance sorted out, talk to us now before you start paying over the odds.

The deadline for current pricing is 21 December 2012 – by this date you need to have a contract signed. As medical checks can take weeks, sometimes months, get your application in this week for the best chance of securing life insurance before the prices rise. Whatever you have on your plate this Christmas, give yourself an early present of life insurance at lower prices.

Posted in Insurance, Life Assurance

Don’t Put Off Arranging Life Insurance

How many times have you had to take a huge detour or sit stationary in your car for hours after a road has been closed due to a serious accident?

Although this sort of situation causes us personal inconvenience, we always spare a thought when a family has lost a loved one. Because of my job, I often wonder if the person who has been killed had any life insurance – and hope for the sake of their family that they did.

Hopefully they had. Hopefully they weren’t one of those people who ‘thought it was a good idea’ – but had never got round to arranging it.

There is no easy way to explain the importance of life insurance. It is an unpleasant subject to dwell on. But a lot of people who are young, fit and healthy assume that there is plenty of time to arrange life cover in the future. However, if they happen to be in the wrong place at the wrong time, their dependents could end up facing severe financial hardship for the rest of their lives.

So if you are thinking about getting life insurance, don’t delay. Call Limetree now for independent advice and a competitive quotation.

Posted in Insurance, Life Assurance

Ladies’ Cheaper Life Cover – Don’t Wait for Christmas

The European directive that makes life cover for women up to 25% more expensive comes into force on 21 December 2012. But like Christmas shopping it is not wise to leave it that late.

We are well into autumn already, and life cover can sometimes take months to arrange because of medical reports.

The key thing to remember is that applying before the deadline is not enough – you need to have entered into a contract with the insurance provider by then.

Some providers, Bright Grey and Scottish Provident, will give limited cover to female customers while their applications are in the pipeline. This means that a contract will have already been entered into – even if the full cover has not been finalised. As long as the underwriting process is completed and accepted by the customer by 22 March 2013, the customer will still qualify for the cheaper rates.

This initial insurance will have lower limits than the full cover but is a clever way of being able to benefit from the lower priced life cover right up to the last minute.

Even so, there is no time to dawdle. The majority of providers are not offering this deal. Each case is underwritten on the applicant’s medical and family background. It is quite common for a report to be sent to a doctor, which is where the uncertainty lies – it can take a lot longer than you might expect.

The bottom line is to call Limetree Financial Services now before it is too late. It might not make a glamorous present, but securing life cover at a reduced rate will save you money for what you really want for Christmas.

Posted in Insurance, Life Assurance