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The Life Insurance Market
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A LifeSearch client, Mr F, who was living in Spain, sadly passed away in December.
His widow subsequently put in a claim on her husband's Life insurance policy. As the clients had been residing in Spain, it was a necessity for Royal Liver to obtain a medical report from his Spanish GP before any claim could be paid. The problem was that nobody at the Spanish surgery spoke English and they would only accept a request for a medical report if it was in Spanish, which Royal Liver were unable to do. Equally Royal Liver would not pay the claim without the medical report.
LifeSearch not only took up the claim on behalf of Mrs F, negotiating with the insurer, as well as giving her free access to the Red Arc counselling service, we also arranged for a letter to be translated into Spanish requesting the client's medical report. This was duly received and LifeSearch translated the report, with the claimant's permission, into English for the insurer.
As a result the claim was paid and Mrs F now has £75,000. A very TCF success story!
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Nearly half (46 per cent) of Britons suffered sunburn this summer, which may encourage more people to consider getting critical illness cover.
The report from Cancer Research UK and Superdrug also found that not only did a third of tanners say they did the same in previous years, the same number admitted that they would do so again.
This is despite sunburn increasing the risk of getting skin cancer, which may make more people think seriously about getting critical illness cover to protect themselves.
Ed Yong from Cancer Research UK notes that "getting painful sunburn just once every two years can triple the risk of melanoma, the most serious type of skin cancer."
He adds that people should always use the shade, clothing and sunscreen to protect themselves from getting sunburnt.
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The sickness insurance market has begun its recovery and reports similar business levels to a year ago.
This is revealed in figures from the Financial Services Authority (FSA), which show that the sale of pure protection dipped only by a fraction of a per cent (0.2 per cent) between April 2009 and March 2010.
The data also shows that pure protection sales from brokers, such as LifeSearch, have risen over the same period, up to 86 per cent.
Critical insurance cover has also seen sales rise – up 5 per cent for the standalone product and up 2 per cent when included with mortgage protection and term assurance.
Of all protection products sold, the FSA found that the amount of sales conducted by the big five insurers had risen three per cent to 60 per cent.
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