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The Fairness of Multi-Claim

by | Jan 19, 2024

Life Insurance is a crucial financial product that provides peace of mind to individuals and their families. It ensures that dependants are taken care of in the event of the policyholder’s death. According to a report by Forbes Advisor UK, the current UK Life Insurance market in 2024 is estimated to be worth £71.4 billion. (Source: Ibis World). In this blog, we will present a modern alternative to this that provides Better Cover, Longer and superior benefits, in addition to greater value for premium. We will explore Critical Illness insurance, what Multi-Claim is, and what determines the fairness of Multi-Claim before introducing Dividend Life, Assura + Protect’s new transformational and life-empowering Life Insurance product and it’s advantages over traditional Life Insurance with Critical Illness cover.

What is Critical Illness Cover?

Critical illness cover is a type of insurance that will pay you a lump sum cash benefit if you are diagnosed with one of the eligible conditions covered by your policy. The conditions are usually serious and long-term, such as having a heart attack, a stroke, or cancer. Critical illness benefit payments are tax free and will help you to cover medical expenses such as medical bills, debts, loss of income, or home adaptations. If you suffer from one of the critical illnesses included in your policy and make a successful claim, you will receive a lump sum cash benefit, however, cover with a traditional critical illness policy then ceases.

Are you looking for a Life Insurance policy that provides peace of mind from worrying about the financial burden of critical illnesses? Would you like a Life Insurance policy that allows more than one critical illness claim? Would you like peace of mind knowing that you and your family are protected in case several major health events occur? If so, you should consider a Multi-Claim Critical Illness insurance policy. What does Multi-Claim actually mean though?

Before introducing Assura + Protect’s new transformational and life-empowering Life Insurance product and it’s advantages over traditional Life Insurance with Critical Illness cover, we will explore what multi-claim is and what determines the fairness of multi-claim.

What is Multi-Claim?

Multi-Claim is a type of protection policy designed to provide coverage for multiple serious illnesses. As the name suggests, a Multi-Claim Critical Illness insurance policy allows policyholders to make multiple claims during the term of their policy.

What determines the fairness of Multi-Claim?

The fairness of Multi-Claim Critical Illness policies depends on several factors including the amount of coverage, and the terms and conditions of the policy.

Life Insurance companies may also offer different levels of coverage for different types of claims, such as accidental death, natural death, and disability. The amount of coverage provided for each type of claim should be fair and reasonable, considering the risks associated with each type of claim.

Finally, the terms and conditions of the policy can also impact the fairness of Multi-Claim Critical Illness insurance policies. Insurance companies may also include various exclusions and limitations in the policy, which can affect the coverage provided to the claimants. It is important to carefully review the terms and conditions of the policy before purchasing Multi-Claim Critical Illness insurance to ensure that the policy is fair and reasonable.

What is Dividend Life with 200% Multi-Claim Critical Illness Cover?

Assura + Protect is a new type Life Insurance company with a very simple vision: To provide you and your family ‘Better Cover, Longer’ for a today’s world. Offering modern Life Insurance, Assura + Protect has launched a groundbreaking new product – Dividend Life. Dividend Life is a life and critical illness insurance policy. Dividend Life provides life empowered modern Life Insurance and including:

200% Multi-Claim Critical Illness Cover

Dividend Life with 200% Multi-Claim Critical Illness provides coverage for:

+ 40 major conditions and 6 additional partial conditions covered.

Critical Illness is segmented into five major condition categories:

+ A maximum of 3 major conditions claims can be made per policy, up to a maximum of one claim for each of the major conditions categories.

+ A maximum benefit of up to 200% of the initial sum assured for major condition claims.

+ Additional partial covers do not count towards maximum major condition benefit payment(s).

+ Multi-Claim Cover is included on all Critical Illness policies, without additional premium charges.

200% Dual Life Cover

Dividend Life also includes 200% Dual Life cover which provides the following benefits to policyholders:

+ Insures each partner separately, and will pay a benefit on both deaths, not just the first.

+ If one person dies before the other, protection for the survivor remains in place.

+ With twice as much effective cover and Sum Assured, Dual Life provides greater value for premium to policyholders.

+ Separate beneficiaries can be nominated for each benefit payment when placing the policy in trust, thereby simplifying estate planning.

+ Dual Life is available on all Assura Term Life and Multi-Claim Critical Illness policies.

Doctor-on-Demand

Providing digital GP Services, Doctor-on-Demand provides the following:

+ Video and phone-based consultations with a UK-based GP available 24/7/365 from anywhere in the world.

+ Convenient same-day consultations are available for prescriptions, sick note and / or specialist referrals.

+ Unlimited GP consultations with Dividend Life policies and, on average, available within 6 hours of booking.

+ Policyholders can review GP profiles before appointments and select their preferred consultant.

+ Policyholders can elect for prescriptions to be emailed directly to you or your designated pharmacy for collection.

Life Empowered Membership Benefits (available via the Annabel app)

+ Annabel Rewards with membership discounts and cashback programs from over 300 retail rewards partners across grocery, tech, travel, and more.

+ Targeted annual savings of £2,500 for a family of 4 (2023 Assura internal estimates).

+ Concierge will help you with those everyday tasks from finding a plumber, booking a dog walker, or booking a well-deserved holiday.

Watch the video to learn more about the life-empowering benefits of Dividend Life from Assura + Protect.

The Advantages of Multi-Claim Critical Illness Cover from Assura + Protect

Assura + Protect’s Dividend Life Multi-Claim Critical Illness policy stands out from other policies in the market in several ways:

  • More comprehensive coverage. A Dividend Life with Multi-Claim Critical Illness policy offers more comprehensive coverage than traditional life insurance. Policyholders receive modern life insurance with 200% Multi-Claim Critical Illness cover, 200% Dual Life cover, and life empowering benefits and rewards.
  • Flexibility. Once a claim has been made, a traditional Critical Illness insurance policy’s cover will end. A policyholder would then be without cover and their beneficiaries would not be able to receive a death benefit. A Dividend Life with 200% Multi-Claim Critical Illness insurance policy from Assura + Protect allows policyholders to make up to 3 critical illness claims per policy up to a total maximum benefit of 200% of the sum assured. Unlike with traditional Life Insurance policies, after a first claim is made, your policy will continue, your life cover will remain, and you will still be eligible for a death benefit. We believe this is fair.
  • Competitive Premiums. Dividend Life with Multi-Claim Critical Illness insurance policies can have similar, if not lower, premiums then those of traditional life insurance policies with critical illness, providing better value for premium.
  • Each policyholder can choose their own beneficiaries, ensuring their loved ones are taken care of after the event of their death.
  • Policy dividends are included on all policies without additional premium charges, fees or costs.

Dividend Life with Multi-Claim Critical Illness cover is a type of Life Insurance policy that allows policyholders to make multiple claims on the same policy. Multi-Claim Critical Illness insurance policies provide more comprehensive coverage than traditional critical illness insurance policies, and they are also competitively priced, providing you with more value for premium and Better Cover, Longer.

See how Dividend Life Cover, Benefits & Premiums compare to national U.K. life insurers and get a complimentary quote.

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