Trauma/Critical Illness

I was just looking through some critical illness policies going around and I noticed that almost every company has really similar definitions.

Any reason?

 

Hi AO,

Most policies are similar, naturally the devil is in the detail of definitions.
The main illnesses are heart attack, stroke, cancer and coronary artery angioplasty. There are many other definitions though cancer seems to be to highest for claims for most insurers.

Cheers,

Dan

 

Insurance similarities

The reason most Trauma policies are the same is competition. As soon as one player gets a competitive advantage the others scramble to catch up. Nearly all Trauma is sold by financial advisers. Many of us use software to analyse which policies are the best for each client. Companies know they have to rate well on the major analysis points of the software to retain their market share int heir chosen markets. Hence all the policies of the major player evolve in the same direction.

Its the insurance strategy quality that will vary based on the quality of the advice. This will affect, tax deductibility of premiums, access to benefits, how the policies are bundled to minimise costs and cash flow implications etc.

Regards
Jason

Parallels H-Sphere