The current situation has left all of us feeling nervous about what the future holds but also, we are now concerned more than ever about our #health, with many consumers reaching out to enquire about #healthandlifeinsurance. Insurers have been working hard to transition all their call centres to a home working environment with minimal disruption to their clients and adapting their plans to help customers when they most need it, new benefits, payment deferral breaks and so on.
#VitalityHealth have been the front runners with the adaptations they have made to their health insurance policy, being the first insurer to introduce ‘COVID-19’ cash back. This is a cash benefit which pays out £250 per night if you are hospitalised due to contracting #COVID19 for days 1-8 and from day 9 pays out £500 per night. (capped at a total claim of £5000). AXA PPP, AVIVA, The Exeter and BUPA have since followed suit with COVID-19 cashback benefits.
#Vitality have also launched ‘#VitalityatHome’ a suite of benefits which can be taken advantage of while in isolation. With all the gyms closed they reacted very quickly by partnering with #Peloton and #JENNIS to provide access to several digital workouts, which thousands of customers are taking advantage of. This is a fantastic adaptation to their plan helping their customers stay mentally and physically healthy – very important when we are all living in a very different world.
They have also made changes to their #CaffeNero benefit allowing eligible customers to receive a delivery of coffee direct to their homes and access to up to 2 free weekly movies via #RakutenTV – put that kettle on, feet up, its movie time!
Although #privatehealthinsurers can’t provide access to care in some areas as quickly as before – one of the main reasons why people buy #healthinsurance – many insurers have enhanced their other services. Some have stepped up the provision of services such as #mentalhealthsupport and widened the range of where patients can be referred to. In response to #socialdistancing, most have increased access to medical expertise by phone, video, online and apps. Generally the market is reporting a spike in #incomeprotection and death claims, however claims for #criticalillness have seen a drop which is obviously a concern as this is mirroring the government concerns at a drop in A&E attendance for some serious conditions such as heart attacks and strokes. The rate of heart attacks has not dropped but the number of people seeking treatment is fewer.
#Healthinsurance sales remain consistent despite some of the delays to certain treatments, however major treatments, such as #cancertreatment, will be prioritised. I think with the realisation that the NHS waiting lists are going to be further impacted the demand for #privatehealthcare has never been so high. Pricing remains stable and there haven’t been any changes to the underwriting questions and declarations therefore this is now considered a good time to buy
This is the time #Insurancebrokers should be reaching out to all of their clients to make sure they have the correct cover in place and that they are regularly reviewing your plans to ensure they are fit for purpose and you have the right amount of cover should anything happen to you.
I hear many people say that they ‘need’ to take out #lifeinsurance and #healthinsurance, if the need is there then make a call and enquire about your options. Too many people leave it until it’s too late – don’t be one of them.
If you want any advice, a review of your existing #health and #lifeinsurance arrangements or a new quote then call Penny at the Insurance Boutique. There is no obligation and we do not charge for this service.
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