A number of the larger insurers have recently launched online life and critical illness sites whereby customers can develop a full application without taking tips. Bright Grey have been the most recent organization to announce their site.
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Roger Edwards, proposition director at Vivid Grey, said: “We need to notice that a certain segment of the population is definitely the internet to buy protection without professional advice. This group chooses the Internet-only approach to buy and may not look to buy in any other way. Until now there hasn’t been a product that provides life or critical illness include specifically tailored to this group of people, exactly where they can complete the whole process on the internet.
Roger is quite correct. There are folks who just want to do the whole process on-line without actually speaking to anyone or even taking advice but at exactly what cost? The main reason the insurance companies have launched these sites is due to the popularity of price comparison sites. It is true to say that life assurance has always been an interest rate driven product. There is only one reason it will ever payout so the cheapest premium is usually the best product to look for. You could argue that customer service comes into the equation, which might mean that someone chooses a slightly higher high quality based on an outstanding customer service record. However , most people applying over the internet would not understand which provider had the best customer support or the quickest claims settlement background.
Critical illness, on the other hand, is not a rate driven product as far as professional advisers are concerned. The differences in cover between two providers can be vast despite the fact that they might both offer the same premium. Also, customer service and claims arrangement history do come into the equation for an adviser when recommending a policy.
Critical illness cover has enhanced over the years and life assurance businesses now payout more than ever thanks to an awareness of the product from advisers which is then passed on to policy holders. The particular Association of British Insurers (ABI) has published a standard definitions manual which clearly describes what is needed to make a successful claim. Making vital illness a rate driven product without advice could potentially damage the good function that has been done. There could be more instances of insurers not paying out because of non-disclosure at the point of software. This would only damage the reputation of the product and make future sales harder.
From an advisers perspective I would say that critical illness insurance coverage is something that should be advised. In case you are intending on paying premiums with regard to insurance the least you should do is definitely know what you are paying for regardless of what the particular premium is.