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The Life Insurance Market
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A cup of tea or coffee a day could help you ward off needing to claim on your critical illness cover by lowering your chances of getting brain cancer.
The findings come as part of the European Prospective Investigation into Cancer and Nutrition study, which is also known as EPIC. They believe that caffeine may restrict blood flow to the brain, which will stop tumours growing.
The antioxidants in tea and coffee may also be able to fight cancer cells in the way they fight other diseases.
Other findings also link caffeine to lowering the risk of needing to claim on critical illness cover. An Australian study found that it could reduce the risk of ovarian cancer, whilst an American one found that it can cut instances of skin cancer. 
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The families of young women with breast cancer may wish to consider getting sickness insurance, with new research indicating they have an increased risk of cancer too.
Whilst it's generally accepted that cancer can run in people's family, the study has shown that there may be different genes responsible for it than those which are known about.
The researchers noted that this means that further work needs to be done to identify which new genes are to blame and try to identify those who may be more susceptible.
Professor John Hopper from the University of Melbourne led the research and remarks that "these results are surprising and novel, and could be pointing to a new cancer genetic syndrome".
Until further findings are made, parents and siblings of breast cancer sufferers may want sickness insurance, as their chance of getting cancer are 1.5- to two-times as high as normal. 
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Soon, people may not need to claim on their income protection policy for time taken off work due to crippling migraines following a new discovery.
Scientists at Oxford University have discovered a genetic defect which links to migraines, meaning that future researchers have a better idea of where to focus their search for a treatment.
As one of the researchers, Dr Zameel Cader, puts it: "finding the key player which controls this excitability will give us a real opportunity to find a new way to fight migraines and improve the quality of life for those suffering."
The World Health Organisation rates migraines as a leading cause of disability, with one in five people suffering from the problem. These kind of figures only serve to emphasise the need for sufferers to consider income protection, at least until a treatment is developed. 
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People who take daily vitamin pills may want to think about getting sickness insurance as new research shows that they could be heightening their chances of getting skin cancer.
The research comes from the National Centre for Rare Skin Diseases in Bordeaux and indicates that supplements with antioxidants and minerals in them appear to increase the chances of developing cancer four-fold.
Women may need sickness insurance more than men, as the study found that they may be at greater risk than men, due to having more fat around their skin.
This research comes after Swedish scientists found that taking multi-vitamins daily could also increase the risk of breast cancer in women by around 20 per cent. 
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Men whose partners have breast cancer may want to take out their own sickness insurance in case they're struck down by mental health issues.
This comes after a Danish study found that these men have a 39 per cent greater chance of needing hospital care for mood problems than men whose partners are healthy.
Professor Christoffer Johansen, who led the study, remarks that "a diagnosis of breast cancer not only affects the life of the patient but may also seriously affect the partner."
This opinion was supported by Macmillan Cancer Support, which notes that patients' partners should seek support if the illness is causing them stress or depression.
In case the partners need time off work to care for their partner or look after their related mental problems, they may want to consider sickness insurance to lighten the financial stress. 
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Scots may not need to claim for dementia on their critical illness cover if tests to spot the early signs of the condition prove successful.
Patients who have mild memory problems, but are still able to live their lives, are being advised to visit the Glasgow Memory Clinic and have their spinal fluid checked.
This involves checking the levels of a certain type of protein and if people are found to have abnormal levels, they could be given drugs which wards off the longer-term problems related with dementia.
This in turn could mean that people won't need to claim on their critical illness cover as a result of the condition.
Dr Fraser Inglis from the clinic notes that "if you can have a strategy to either prevent [the protein] from building up or promote its removal, the hope is that will be good for brain function." 
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Fans of The Simpsons may remember an episode where Ned Flanders’ house is destroyed by a hurricane. Ned had no home insurance on principle because he believed insurance is a form of gambling. Let’s face it; insurance is a bit of a gamble, with customers and advisers weighing up the odds of the worst happening. I’m often reminded of poor Ned because working out which critical illness cover to recommend has become more of a gamble in recent years.
CIC is a great product but every new enhancement makes it harder to establish which truly is the best cover and information from providers is scant about how their additions will lead to more paid claims.
It’s difficult to know if the policy that looks to be the most comprehensive will actually cover what a customer might get diagnosed with, due to so many variants. Providers are making things complex; adding on competing conditions that might not make much difference to a customer’s ability to claim, but which still have to be considered by the adviser. We also have some providers questioning whether some recent ABI+ additions from their peers are true ABI+. Are we going to end up with ABI+ and ABI++ and even more complexity? I hope not. And then there’s TPD. Whilst the ABI review will hopefully improve matters, I’m concerned that varying definitions of incapacity look to remain as they lead to claims being declined. If TPD is offered, it should be priced on an ‘own occupation’ basis or not at all.
It’s a tricky problem to solve given the competitive nature of the market, but the more I worry about CIC, the more I’m reminded of the benefits of income protection. Ideally, customers should have both, but if they can’t, IP can be a safer bet and is often better advice anyway. There are circumstances when CIC will pay and IP may not due to a long deferment period, but at least customers plan for that at outset and are not risking being diagnosed with something not on the CI list. Severity based plans are an alternative, but I still believe IP is the strongest choice and with insurers accepting more customers on an ‘own occupation’ basis thereby increasing the number of claims, there is even greater reason to recommend it.
One persistent issue with IP is the lack of awareness so advisers have to invest more time explaining the benefits. Providers, especially those who are against the conditions race, should take advantage of this situation by promoting IP and making it more attractive. Providers need to back up their IP offerings with good processes that can compete with CIC, and commission for IP is often significantly less than for CIC too which needs to be rectified; advisers put in more work for less income which is not right. Some have already addressed these issues so I know it’s doable.
So let’s reduce the odds of claims being refused on medical technicalities and help more customers understand the benefits of the much undersold IP.
Emma Prescott
Life Office Relationship Director
This article was published in a recent edition of Money Marketing
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Posted by @
12:21 PM, September 28
Agree 100% Emma. One problem and reason why IP will always be sold less/bought less than CIC is that not everybody is eligible wherewas with CIC everybody is eligible (health and affordability notwithstanding).
They say the definition of a bank manager is someone who only lends you an umbrella when the sun is shining and IP is a bit like this too. The people who are most at risk and therefore need the cover most are the very ones who are denied own occupation cover by most of the insurers.
I meet IFAs who tell me they sell IP but have never heard of the friendly societies!
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Posted by @
10:27 AM, September 28
A great article about product gaps and the need for an IP underpin.
I thought it worth mentioning our TD rider to CI. It's still woefully undersold and yet does ensure people who buy CI have some form of IP at a fraction of the full IP price. Whilst this draws from the SA so is not perfect, it is far better than nothing and could triple the level of IP if all CI providers included as part of TPD.
That's my preach!
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Almost half (46 per cent) of British adults should consider an income protection policy after it emerged that they would need to dip into their savings if they needed long-term sick leave.
This comes from Turn2us, which is part of the Elizabeth Finn Care debt charity, after they asked a sample of the public how they would support themselves if they had to have a lot of time off work due to illness.
State benefits also turned out to be a popular remedy for financial woes, along with relying on a partner's income, as well as using overdrafts and credit cards.
However, more people should consider getting an income protection policy, which would help sustain them financially if they were unable to work for a long period of time due to illness or injury. 
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A new relationship between hormone replacement therapy (HRT) and breast cancer has emerged, which may be of interest to sickness insurance customers.
A Canadian study has found that whilst cases of breast cancer dropped in line with fewer people taking HRT, rates began to creep up again in following years.
The Canadian Cancer Society suggests that HRT causes tumours to grow more rapidly and show up on tests. With fewer people taking the treatment, cancer took longer to grow and appear on official figures.
Sickness insurance customers will appreciate the comments from Breakthrough Breast Cancer's Dr Sarah Rawlings, who remarks that "it will be important to continue to study the effects of HRT on breast cancer incidence and development." 
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Stroke victims in Leicester may not need to claim as much of their sickness insurance as previously, following the opening of a new specialist unit.
The new department is at Leicester Royal Infirmary, along with A&E services, meaning that stroke patients can be dealt with more quickly and in one location.
Previously, after emergency treatment, they needed to be transferred to Leicester General Hospital.
Martin Fotherby, head stroke doctor for the city's hospitals notes that "the changes mean there is always a specialist stroke team to assess and treat patients 24 hours a day.
Stroke is the common cause of adult disability, and tackling it quickly can limit the damage. In turn, this means that patients will need less of their sickness insurance policy to pay for care. 
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People may be able to identify whether moles are malignant or harmless from the comfort of their own home, which may save them on their critical illness cover in the long run.
A new kit been launched which can give an indication of the severity of any moles that people may be concerned about. It costs £40 and results can be returned within 24 hours.
Scientists at the Universities of Dublin and Moscow developed the system, which could help people spot signs of skin cancer early on.
In turn, this could save them money on their critical illness insurance premium and, if benign or curable, could save them from having to claim on it for the disease.
However, Professor Rino Cerio from the London Cancer Centre warns that the test isn't a substitute to seeing a doctor. 
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Cancer patients may need to claim more from their critical illness insurance policy if they exercise before they get treatment, research has shown.
Researchers at Ohio State University found that psychological or physical stress a couple of days before chemo- or radiotherapy could lead to the body's cells putting up more resistance against the drugs.
They pinpointed a certain protein called heat shock factor-1 which normally helps tissues cope with stress levels, but can actually be counterproductive when cancer treatment is introduced.
However, critical illness insurance policyholders are advised by Arlene Wilkie from the Breast Cancer Campaign to be wary of these initial findings, as they have only been produced in controlled conditions, not in actual patients. 
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People may be able to ward off having to claim for bowel cancer on their sickness insurance if a study into its prevention proves successful.
The research will be led by the University of Leeds and will investigate whether taking fish oil and aspirin together can help prevent the onset of the disease.
Bowel cancer is the third most common kind of the disease and it is known that fish oil and aspirin each have properties which can provide some form of protection.
The university's Professor Mark Hull hopes that "taken together, the protective effect may be even greater".
He adds that fish oil and aspirin are known to have few side effects, unlike other drugs which can help with bowel cancer, meaning that more sickness insurance customers could benefit from the findings. 
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Fortis customers are now able to get big discounts if they apply for more than just life insurance.
Customers who also choose to take out critical illness cover, income protection or any other kind of policy can get a discount of £2 a month on their premiums, as long as the different covers are activated at the same time.
LifeSearch's Emma Prescott remarks that: "Fortis already has an excellent menu plan and the proposed discounting will be a very welcome addition."
Fortis's managing director Martin Werth believes that "consumers find protection confusing and invariably think they only need one cover or struggle to afford more" and hopes the launch of the multi-product discounts will make their choice easier for them. 
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More people should consider getting critical illness cover in case they are struck down with dementia, as the true cost of the condition is revealed.
The World Alzheimer Report puts it at close to £400bn (£388bn) globally, which is greater than the revenue of Asda owners Wal-Mart or oil giants Exxon Mobil.
Alzheimer's Disease International, who conducted the research, wants the World Health Organisation to make dementia research a global priority, with numbers likely to double by 2030 and triple by 2050.
The organisation's head, Marc Wortmann, remarks that "the scale of this crisis cries out for global action" and believes a difference can be made if the world works together to fight the disease.
Until this happens, individuals may want to look at critical illness cover in order to lessen the personal financial implications of dementia. 
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Stroke victims may be able to save on their critical illness cover if a drug trial is rolled out nationwide.
Doctors at Cardiff's University Hospital of Wales are now offering a round-the-clock service to issue clot-busting drugs, rather than just when a specialist was on hand to give them out.
Consultants at the hospital hope that the new service will make a huge difference by increasing survival rates and reducing the likelihood of disabilities being suffered afterwards.
As well as potentially saving money on critical illness cover, it is hoped that the service will save the NHS money, as it's much cheaper than the cost of providing aftercare to people who have suffered long-term damage after suffering a stroke. 
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People could be paying higher premiums on their sickness insurance due to doctors over-diagnosing their complaints when they visit the surgery.
This comes from Dr Martin Edwards, who works as a GP in Lewisham. He writes in the Telegraph that the computer system they use is partially to blame for the over-diagnosis.
He writes that in cases of stress at work or relationship difficulties, doctors often need to select 'depressive disorder' when entering the details into the system, as its options are limited.
As a result, insurers may see this and feel as though they need to charge more for their patient's sickness insurance.
Dr Edwards points out that the system was designed so that the NHS could see how much money they should give to each practice, based on the amount of cases of each type they dealt with, but unfortunately the options given are too basic. 
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New stats from the Registrar General show that Scottish men live a year less than the average for the 27 countries that make up the EU, whilst women die more than two years (2.3 years) before the average.
The longest-living men in Europe are the Swedes, who live four years longer than Scottish men, whilst French women on average live for five years more than their Scottish counterparts.
The Scottish figures give them a similar ranking to Poland, Slovenia and the Czech Republic.
This highlights the need for a life insurance policy. Life insurance helps people provide for their families when they pass on, to make sure that they are able to retain a good standard of living.
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Tomorrow is World Alzheimer's Day and here at LifeSearch, we believe that critical illness cover is vital to protect against dementia's financial consequences.
Currently, over 700,000 in the UK have dementia and numbers are set to rise to more than a million people by 2025 and more than 1.7m by 2050. It's not just an issue for older people either – 15,000 people under 65 currently suffer from dementia.
Most critical illness insurance policies will pay out for Alzheimer's, but it's a good idea to check out the details before you sign anything.
Critical illness cover can also provide you with emotional support, as well as financial. Bright Grey offer their Helping Hand service to suffers and their families, whilst Extra Care from LV= aims to improve the living conditions of its critical illness insurance customers. 
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One of the biggest incentives to building an in-house lead generation system is when the outsourced led-generators indulge in a bit of wallet-lining! And now that these days everyone seems to be jumping on the lead generation bandwagon, whether it’s for life insurance, credit cards, car insurance, IVAs or whatever, it’s perhaps time to sound a warning and suggest some sort of trade-body and basic code of conduct is timely? After all, it’s easy enough to get started, but far too many firms, especially the newest ones, chase the fast buck by focusing on lead quantity rather than quality.
With IFAs set to move into protection as a result of RDR, we can expect demand for leads to pick up and one wonders how many IFAs will have to learn the hard way that online leads come in many variation, some even with booby-traps added for free? Often suppliers will turn to cheaper forms of marketing to fill order books more profitably; so rather than increase their spend on PPC they’ll make use of email shots, incentivised enquiries, second offering pushes and many other tactics designed to get people to enquire for life cover even though they don’t really want it.
All of this could end if there was transparency of exact lead source between supplier and broker, but many smaller players regard that as a trade secret because they fear contracts and competition. We are moving our business away from them fast and contracting for longer and paying more to those suppliers who have proven themselves honest and reliable. IFAs you have been warned!
Sunita Gill
New Business Manager
LifeSearch
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Posted by @
02:22 PM, September 20
This is an ever increasing issue across a whole range of issues. Lead suppliers set themselves up with a simple web site, get forms filled, sell the lead. No quality and highly confusing for customers, who contacted by companies they never expected.
Long overdue need for some sort of control or quality mark process. Something along the lines of the IMRG Internet Shopping is Safe, but for FS.
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The latest unemployment figures show a slight decrease, but people may need an income protection policy in the future as figures are expected to rise again soon.
The numbers out of work fell by 8,000 to 2.47 million in the three months to July, but economists believe that it's just the calm before the storm of the government cuts kicking in.
Shadow work and pensions secretary Yvette Cooper notes that "the economy is not out of the wood yet", which may persuade more people to get income protection in case they are unable to find work in months or years to come.
People in Scotland may be even keener to buy an income protection policy as the figures from the Office of National Statistics (ONS) show that in the three months to July, unemployment figures rose by 25,000. 
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People who fear that they may end up victims of heart disease and depression should get critical illness cover, as the combination of the two can be much more deadly than the problems on their own.
Researchers from University College London and the University of Versailles tracked 6,000 middle-aged people for more than five years before coming up with their results.
They discovered that people with just heart disease had a 67 per cent higher chance of dying from any illness, than those with healthy hearts and no depression.
However, depressed people with heart disease tripled the risk of death from any cause and quadrupled the risk of dying from cardiovascular issues.
This may come as worrying news to some people who may want to check out their critical illness cover to make sure they are covered. 
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Resolution has completed the purchase of AXA UK's life insurance arm to create a market leading provider in pensions and protection products.
Following the merger with Friends Provident, the new company's public face will be known as Friends Life and will offer a number of critical illness and income protection propositions.
CEO Trevor Matthews announces that "today is an exciting day for the UK life assurance sector as combining [the firms'] best elements… will make [them] one of the market leaders in [their] core businesses of corporate pensions and protection in the UK."
He adds that he is "excited by the continued prospects for [the] business as the driving force in Resolution's consolidation strategy in the life sector." 
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In the future, it may only take one test to show men whether or not they'll need to claim on their sickness insurance for prostate cancer.
The key to the test is the level of prostate specific antigen (PSA) in the body. A single test at 60 can tell whether people have high or low levels, with the former being sent for more treatment and the latter being given the all clear.
This comes following research from the Memorial Sloan Kettering Medical Centre in New York and would mean that – as well as being reassured about not needing to claim on their sickness insurance – men with low levels of PSA won't need to suffer further treatments.
However, Dr Sarah Cant from the Prostate Cancer Charity thinks more research is needed, as PSA levels can grow naturally or as a result of a slow-growing tumour which won't affect men in their lifetime. 
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World Alzheimer’s Day on 21 September will highlight the issues involved with Dementia. Over 700,000 people currently have dementia in the UK and it is believed there will be over a million people with dementia by 2025 and over 1.7m by 2050. Yet relatively few people are protecting themselves from the financial consequences of this debilitating disease. It’s not just an old person’s problem. There are currently 15,000 younger people (under 65) with dementia in the UK.
Research by Fidelity revealed over two thirds of adults aged 55-75 have no plans to keep money back for their long-term care. In the majority of cases the bulk of the dementia care cost is met by the sufferers themselves and their families. With the cost of caring for one person with late-onset dementia reaching an average £25,472 a year, it is clear many people would not be able to cope with such a burden without long-term care insurance in place.
Most Critical Illness policies will pay out if the life covered suffers irreversible Alzheimer’s but this is something that should be double checked when taking out a policy. Proof of the growing importance of Alzheimer’s disease cover as part of a Critical Illness policy is shown by the new Association of British Insurers (ABI) definitions for conditions. The disease was not included in the last list in 2004 but was added to the 2007 updated list. To make it onto the ABI list means that a significant number of insurers are now including it in their policies.
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Friends Provident (FP) has made its critical illness cover product more appealing by including mastectomy cover, amongst a number of other enhancements.
People with critical illness cover from FP will now be able to receive a payout of 20 per cent of their assured sum or £15,000, whichever is the lower figure, in the event of a total mastectomy.
This additional cover won't reduce the original assured sum should the customer need to make a further claim.
On top of this, FP have added five more Association of British Insurers' Plus (ABI+) conditions to its critical illness cover stable.
These cover heart attacks, benign brain tumours, coronary artery bypass grafts, heart valve replacement or repair, and comas.
The new conditions come on top of the current ones – aorta graft surgery and third degree burns.
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Life insurance provider Unum is set to launch a TV advertising campaign to let the public know about the benefits of buying protection products.
In what is thought to be the first campaign of its type, the strategy will be aimed at making protection propositions more appealing to workers on lower incomes.
Unum's chief marketing officer Marco Forato explains that "people understand their pension benefits and their healthcare benefits, but they do not understand their protection benefits."
He adds that Unum see benefits like income protection and critical illness cover as being "equally important" and thinks that the public needs to know about them.
The advertising campaign will start in the New Year and will include pieces in trade and consumer press, as well as on television.
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LifeSearch has significantly invested over the last ten years in our Customer Support functions. We have a team of highly trained telephone interviewers that guide our customers through their life insurance application over the phone and submit it live to the insurer. This entirely removes the often daunting task of the client having to complete a 30 page application form.
If the cover isn’t accepted and started at the end of the telephone interview, our Support team take over and do all they can to speed the policy through to acceptance for our clients. Our team will chase GP’s, medical specialists, underwriters, in fact anybody that needs to do something so that the client’s protection policy can start as soon as possible. That means our clients can leave the hassle to us and get on with everyday life.
We don’t know of any other broker that makes such an investment in these customer service offerings and we do it because we really believe that setting up a protection policy should be as easy and as quick as it can be. Our teams will always be honest and tell clients how long the process is likely to last and will always questions insurer’s underwriters if we feel that they are being harsh in their decision making or if we feel that requirements being asked for are unnecessary.
In short, the skill and expertise we’ve built up behind our Adviser team means that every customer really does have the best chance of getting the cover they need, in place as fast as possible and at the right price.
Andrew Parker
Operations Director
LifeSearch
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People who are worried that the onset of diabetes in later life will require them to use their income protection policy will be interested by new findings coming from Ireland.
Researchers in Dublin have found that a rogue protein called amyloid may begin a chain reaction of events which destroy insulin-producing cells. Ultimately, this could lead to diabetes setting in.
They hope that identifying this protein will encourage drug manufacturers to find a way of combating its effects.
Five per cent of the population suffer from Type 2 diabetes, with the NHS spending 10 per cent of its budget treating it, so people may wish to get income protection to help deal with the personal costs of the illness.
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New research has discovered that the UK could see a 50 per cent jump in cases of colon cancer in the next 30 years, which may prompt more people to consider sickness insurance.
The figures, from Imperial College London for the World Cancer Research Fund, shows that there could be 35,000 cases of the disease annually by 2040, compared to 23,000 now.
The researchers put obesity as one of the causes for the future rise, and note that a further 2,000 people can be added to the total if the UK reaches American levels of obesity.
However, they add that following the example of the fitness-conscious Dutch could lower the estimate by a similar amount.
Even if Britons become more active, the amount of colon cancer sufferers is still set to rise compared to today's figure, so people may want sickness insurance to mitigate against the risk.
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Life insurance provider Bright Grey has announced that it paid out 98 per cent of life claims in the first six months of last year - a two per cent improvement on the year before.
The company said that the average payout was £77,000, but claimed that they also provided other important services at a difficult time.
Bright Grey spokesman Kevin Grey said that the company made sure to treat claimants with care and compassion at all times and said they saw life cover as more than a simple commodity product.
He also said that the company had seen increased take up of its Helping Hand service offering bereavement counselling, something which he said many customers felt had really added value to the policy.
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Ex-smokers who already have life insurance could save money by making sure that they compare life insurance quotes again once they have given up for a full year.
Many UK life insurance providers stop counting customers as smokers if they have been cigarette free for 12 months, meaning that they could get better rates by switching policies.
Even previously heavy smokers could benefit, effectively wiping the slate clean and potentially saving thousands of pounds a year in life insurance premiums.
So if you're an ex-smoker make sure that you reap the benefits of giving up by comparing life insurance quotes today and getting a better deal on your life insurance.
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Researchers in Canada say that they may have found a method to predict heart-attacks months in advance by measuring the amount of the stress hormone cortisol present in a subject's hair.
According to a report from AFP, stress issues around jobs, marital or financial problems are linked to an increased risk of cardiovascular disease and heart-attacks.
Previously there had not been a method to measure the longer term presence of cortisol and so there was no easy way to spot the affects of chronic levels of stress.
The research may help to prevent the devastating effect that heart-problems can have on families.
If you're worried about sudden, debilitating illness then a life insurance policy, income protection or critical illness cover could help put your mind at rest.
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New research has found that many UK companies who offer income protection insurance are trying to encourage their customers to turn to healthier lifestyles.
According to research firm Defaqto some insurers are offering incentives such as discounted gym membership and even health assessments in an effort to keep customers well.
The report found that Aviva Health UK offered cut-price sports club membership and BUPA and LV= provided a check-up to identify and tackle any potential health problems early.
Encouraging healthy lifestyles is good for both those offering income protection and for the individuals being covered, so if you want to find the right policy make sure you compare all the available options.
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Life insurance specialist Aviva has reported that it paid out 93 per cent of critical illness cover claims in the first six months of this year, up two per cent compared to the same time last year.
In total over £51 million was paid out by the company to people in need, with an average payment of £74, 740.
Cancer was the most common cause of critical illness counting for 64 per cent of claims.
The insurer also paid out a further £87 million in life insurance to the families of loved ones that had died or to customers diagnosed with a terminal illness.
Richard Verdin, protection director at Aviva, said that the company's critical illness payment record demonstrated that Aviva came through for customers when it mattered.
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A new cancer drug could lead to a breakthrough in the fight against advanced melanoma in news that reinforces the importance of critical illness cover.
According to a report in Nature News the new genetically targeted drug represents a major shift in the way that skin cancer is treated and could dramatically extend the lifetimes of those affected.
Clinical trials have indicated that the drug slows down the way the disease spreads though the body and could have wider implications for cancer treatment more generally.
If you're looking to protect your family financially from the problems that cancer can cause, then getting the right critical illness cover is a vital first step.
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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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A drug which is commonly used for diabetes sufferers might help people with critical illness cover stave off claiming on their policy by fighting cancer.
The National Cancer Institute (NCI) in the US has found that metformin could fight off colon cancer and even prevent smokers from developing lung cancer.
The researchers found that mice which were treated orally with metformin had between 40 and 50 fewer tumours, whilst those who had it injected had 72 per cent fewer.
Another study, published in the Cancer Prevention Research journal, found that the drug can fight colon cancer in a much more subtle way than chemo- and radiotherapy.
However, this doesn't spell the end to the need for critical illness cover, as metformin is a generic drug, meaning that companies have no financial incentive to fund research into its properties.
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Proposed new tax rules in the US could have an impact on life insurance customers on this side of the Atlantic, it has emerged.
If the Foreign Account Tax Compliance Act is passed in its current state, life insurance customers will have to provide the Internal Revenue Service (IRS) with names of American clients who have at least $50,000 of assets.
However, the Association of British Insurers (ABI) is seeking an exclusion from the rule for American life insurance customers, as they only make up 0.1 per cent of all policyholders in the UK.
Peter Vipond from the ABI commented that whilst they appreciated the IRS’s concern about tax avoidance, "UK insurers represent no significant risk to US tax revenues", so they are keen to avoid "unnecessary" costs to the policyholders.
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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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