FOR ADVISERS SERIOUS ILLNESS COVER ADVISER GUIDE

Transcription

1 FOR ADVISERS SERIOUS ILLNESS COVER ADVISER GUIDE

2 COVER THAT S UP TO 3 TIMES MORE LIKELY TO PAYOUT COMPARED TO A TYPICAL CRITICAL ILLNESS POLICY 1 LIKELINESS TO CLAIM BEFORE 65 RELATIVE LIKELIHOOD OF CLAIM 3 x more likely 1.9 x more likely 2.8 x more likely 2.2 x more likely Male aged 30 Male aged 50 Female aged 30 Female aged 50 AGE AT ENTRY Comprehensive Serious Illness Cover for males and females Typical Critical Illness Cover 1. Hannover Re UK Life Branch February 2017 Estimates are based on Hannover Re UK Life Branch s interpretation of the general population incidence rates and their estimated view of future trends. Incidence rates for the entire population may be different to those lives that take out life insurance products. The typical critical illness (CIC) product is a mid-market one and covers most conditions seen in the market. VitalityLife estimates are based on the VitalityLife Plan with Comprehensive Serious Illness Cover and Cancer Relapse Benefit. 2

3 WHY SERIOUS ILLNESS COVER WHAT SERIOUS ILLNESS COVER DOES Our award-winning Serious Illness Cover helps protect your client from the financial impact that a serious illness can have. If they re diagnosed with one of the conditions we cover, we pay them a cash lump sum. The amount we pay is based on the severity of the condition. COVER THAT KEEPS UP WITH MEDICAL ADVANCES Medical technology is advancing all the time. Tests and screenings are now much better at identifying less severe conditions. People are more aware of risks to their health, so are going for screenings sooner. This means certain conditions, such as cancer, are being diagnosed much earlier, sometimes even before symptoms develop. The protection insurance industry works hard to keep up with these advances, but often finds itself using definitions of illnesses that aren t in-line with the latest medical thinking. If your client has been told by their consultant that they ve had a heart attack, they could assume that their insurer will pay out. But if the severity of their heart attack didn t meet their insurer s definition, their claim may be declined, which could lead to a difficult conversation. That s why we re leading the way with definitions that match the latest medical advances and make it more likely that we ll pay out. To establish these definitions, we ve reviewed academic medical papers and spoken to leading clinical experts including consultant cardiologists, oncologists, and a dermatologist. Our definitions mean you won t be left having to tell your client that they won t get a payout because they ve had the wrong kind of heart attack. Male aged 30 Male aged 50 Female aged 30 3

4 WE COVER MORE CONDITIONS THAN ANY OTHER INSURER IN THE UK Unlike typical critical illness cover, our Serious Illness Cover pays your client an amount that reflects the severity of their condition. More likely - your clients can claim for less severe conditions as well as the more critical ones, so are more likely to get a payout Multiple claims - if their condition worsens, or they re diagnosed with another, they can claim again and again Continuous cover - their policy continues until they use up the whole cover amount. To cater for different needs and budgets, we have two levels of cover, Comprehensive Serious Illness Cover, and for clients that would prefer a more affordable option, Primary Serious Illness Cover. HOW WE COMPARE 174 conditions covered with our Comprehensive Serious Illness Cover 114 conditions covered with our Primary Serious Illness Cover Around 48 conditions* covered by typical Critical Illness Cover policies *Defaqto verified, February

5 HOW SEVERITY WORKS Varying the amount we pay to reflect the severity of a condition allows us to cover more than other insurers and means we can use broader definitions. As a result, your client is more likely to get a payout from us than from any other insurer in the UK protection market. PERCENTAGE PAYOUT PRIMARY 114 CONDITIONS COMPREHENSIVE 174 CONDITIONS Severity A 100% (most severe) Severity B 75% Severity C 50% Severity D 25% Severity E 15% Severity F 10% Severity G 5% (least severe) For more information about severity, please see our Severity sales aid. 5

6 WE COVER ALL HEART ATTACKS AND ALL STROKES ON BOTH OUR PRIMARY AND OUR COMPREHENSIVE SERIOUS ILLNESS COVER.OUR COMPREHENSIVE SERIOUS ILLNESS COVER ALSO COVERS MORE CANCERS THAN ANY OTHER INSURER IN THE UK 1. COMMON CONDITIONS CANCER We cover a range of less severe cancers, so we pay out when other insurers don t. Being diagnosed with cancer can cause a lot of anxiety. Your client may have to take time off work, which can be a financial strain. Many insurers cover early forms of cancer, but only for a limited number of body areas, and then, only if surgery is carried out, but medical advances mean cancers are being diagnosed earlier, often before invasive treatment is needed. No matter where the cancer is, or the severity, it s still likely to cause problems for your client. STROKE Your client doesn t need to have permanent symptoms to get a payout with our definition of a stroke. Some insurers only cover severe strokes that result in permanent symptoms. But no matter how severe it is, having a stroke can have a big impact on your client s life. We cover all strokes Your clients are 25% more likely to get a payout for a stroke with us 2 25% We cover all early stage carcinomas-in-situ on diagnosis We can payout sooner Men are 130% more likely to get a payout for cancer with us 2 Women are 103% more likely to get a payout for cancer with us 2 HEART ATTACK Our heart attack definition matches the latest clinical definitions, so your client is more likely to get a payout. If your client s consultant diagnoses that they ve had a heart attack, we pay out. We cover all heart attacks 130% 103% NEUROLOGICAL CONDITIONS Your client can get the help they need to manage their condition earlier with our Comprehensive cover. If your client is diagnosed with multiple sclerosis, they may need to make important changes to their lifestyle. But once they develop permanent symptoms, they may be less able to make these changes or less likely to benefit from them. With our Comprehensive Serious Illness Cover, as soon as your client is diagnosed, we give them 10% of their cover amount. If their condition gets worse, or if they re diagnosed with a more severe condition, they can claim again until they have used up their whole cover amount. We also would pay on diagnosis for a number of other neurological conditions, including Alzheimer s and Parkinson s disease. Men are 40% more likely to get a payout for a heart attack with us 2 Women are 28% more likely to to get a 28% payout for a heart attack with us 2 40% For a list of all the conditions we cover, please see our Conditions Covered sales aid. Sources 1. VitalityLife Research, January Based on analysis by Hannover Life Re (UK) in February 2017, comparing the definitions covered by a VitalityLife Comprehensive Serious Illness Cover Plan with Cancer Relapse Benefit with industry standard definitions as defined by the ABI. 6

7 SERIOUS ILLNESS COVER INCLUDES FAMILY BENEFIT Family Benefit provides a unique combination of benefits. It provides a cash lump sum pay out for specified Complications of Pregnancy, specified Congenital Conditions and also, a contribution to the cost of a funeral following the death of a child. CORE SERIOUS ILLNESS COVER FOR CHILDREN If your client takes out a VitalityLife plan, our Core Serious Illness Cover for Children pays a lump sum if their child suffers from a serious illness that we cover. This feature is not available with the Essentials plan. OPTIONAL EXTRAS CANCER RELAPSE BENEFIT Cancer Relapse Benefit provides your clients with more protection against cancer recurrence by paying out an additional 50% for subsequent cancers. OPTIONAL SERIOUS ILLNESS COVER FOR CHILDREN Optional Serious Illness Cover for Children offers up to 100,000 of extra cover. This option is available with the VitalityLife and the Essentials plans. PROTECTED COVER Protected Cover works by safeguarding your client s future with 100% automatic reinstatement cover, so cover continues after a claim. SERIOUS ILLNESS COVER BOOSTER Serious Illness Cover Booster gives even more help coping with the long-term effects of some serious illnesses. For some long-term conditions, we ll pay out more - between 100% and 200% of the cover amount. HEALTHY LIVING OPTIONS WELLNESS OPTIMISER With Wellness Optimiser, your clients can get all of our discounts and rewards with an even larger upfront discount. Suitable for those who want to monitor their health and engage in a healthy lifestyle. VITALITY OPTIMISER With Vitality Optimiser, your clients can get all of our discounts and rewards with an upfront discount on our award-winning cover. VITALITY PLUS Alternatively, Vitality Plus offers your clients access to all our partner rewards and is an excellent option for those looking to engage in our healthy living programme without future annual premium changes. 7

8 CLIENTS WANT COVER THAT S MORE LIKELY TO PAY OUT WHEN THEY NEED IT WE SPOKE TO 1,000 CONSUMERS TO FIND OUT WHAT S MOST IMPORTANT TO THEM WHEN THEY RE CONSIDERING BUYING A POLICY. HERE S WHAT THEY SAID: The likelihood of getting a payout for a claim Being covered for a wide range of conditions Being paid an amount based on the severity of their illness 92% 84% 79% SHOWS PERCENTAGE OF PEOPLE ASKED Source: Based on independent consumer research by Immerse in August 2013 Of all the covers available, Serious Illness Cover makes the most sense, it has the widest base and it has severity at its heart DR. JOHN DELFOSSE, GP AND INSURANCE MEDICINE SPECIALIST DESIGNED TO HELP THOSE WHO: GOOD FOR YOU TOO Want to be covered for a much wider range of conditions than are covered by a typical critical illness policy Want cover that s more likely to pay out when they need it Want payments that reflect the financial impact a serious illness would have on their lifestyle Help clients whose needs aren t met by typical critical illness policies we can pay out earlier Reduce the risk of having to tell your clients that their insurance won t pay out they re more likely to get a payout with us Build better relationships with your clients all of our plans come with discounts and rewards. Your clients can really engage with their cover, and you have the opportunity to speak to them regularly about their protection needs FIND OUT MORE Please get in touch with your Business Consultant, or visit adviser.vitality.co.uk/life-insurance/ VitalityLife is a trading name of Vitality Corporate Services Limited which is authorised and regulated by the Financial Conduct Authority. All information correct as at March PRUPM11441_ 03/2017 _J0811 Part of the Discovery Group