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A Brief History Of Critical Illness Insurance

04:54, 5/4/2013 .. 0 comments .. Link

Critical illness insurance arrived in the UK in the late 1980's and it heralded a new perspective in the world of insurance. The late 1990's saw a substantial amount of sale in critical illness policies in Ireland and the United Kingdom. A lot of companies depended on sale of insurance as a source of revenue and it was sold to many young adults because premium rates carried better rates at an earlier age. Critical illness insurance was preferred by many as they got direct benefits as compared to mortgage protection insurance or even income protection insurance.

Sales went up and in 1997 the ABI (Association of British Insurers) gave a figure of 579000 sold polices in the UK. This was the recorded sales and combined with the unrecorded sales which companies did not show the number went up to almost 700,000. In this a growth of 30% was seen as compared to year 1996 and the 68% growth in 1995.

The increased popularity of critical illness insurance resulted in the definition of two variants of critical illness, viz, Standalone and Accelerated. Accelerated insurance was a combination of polices like maybe critical illness insurance and mortgage. This increased the popularity as seen by the increased sales than the sales of the Standalone policy. The increase was as much as 60% as compared to other polices.

The type of policy dictated the duration of the cover wherein it could be payable yearly and /or ongoing for 40 years. In the UK most companies offer guaranteed rates of the critical illness products but the majority remained as riders to the insurance for critical illness rather than for the standalone polices.

The standalone policy does provide direct benefits but the proviso is that the claimant has to live for a period of one month to receive the claim. This led to a marked decrease in its sales. Critical illness insurance was presented as a list of diseases that the policy covered and customers could select the policy of their choice. If a disease was diagnosed then the client would get a single payment of the sum insured as a tax free lump sum.

Initially critical illness insurance covered seven core illnesses but as competition increased so did the range of illnesses covered by the various insurance companies. The ABI says that globally critical illness lists around 30 diseases where some companies even include health insurance companies Aplastic Anemia and angioplasty to their product definition.


A Brief History Of Critical Illness Insurance

04:54, 5/4/2013 .. 0 comments .. Link

Critical illness insurance arrived in the UK in the late 1980's and it heralded a new perspective in the world of insurance. The late 1990's saw a substantial amount of sale in critical illness policies in Ireland and the United Kingdom. A lot of companies depended on sale of insurance as a source of revenue and it was sold to many young adults because premium rates carried better rates at an earlier age. Critical illness insurance was preferred by many as they got direct benefits as compared to mortgage protection insurance or even income protection insurance.

Sales went up and in 1997 the ABI (Association of British Insurers) gave a figure of 579000 sold polices in the UK. This was the recorded sales and combined with the unrecorded sales which companies did not show the number went up to almost 700,000. In this a growth of 30% was seen as compared to year 1996 and the 68% growth in 1995.

The increased popularity of critical illness insurance resulted in the definition of two variants of critical illness, viz, Standalone and Accelerated. Accelerated insurance was a combination of polices like maybe critical illness insurance and mortgage. This increased the popularity as seen by the increased sales than the sales of the Standalone policy. The increase was as much as 60% as compared to other polices.

The type of policy dictated the duration of the cover wherein it could be payable yearly and /or ongoing for 40 years. In the UK most companies offer guaranteed rates of the critical illness products but the majority remained as riders to the insurance for critical illness rather than for the standalone polices.

The standalone policy does provide direct benefits but the proviso is that the claimant has to live for a period of one month to receive the claim. This led to a marked decrease in its sales. Critical illness insurance was presented as a list of diseases that the policy covered and customers could select the policy of their choice. If a disease was diagnosed then the client would get a single payment of the sum insured as a tax free lump sum.

Initially critical illness insurance covered seven core illnesses but as competition increased so did the range of illnesses covered by the various insurance companies. The ABI says that globally critical illness lists around 30 diseases where some companies even include health insurance companies Aplastic Anemia and angioplasty to their product definition.


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