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Master Class: Serious Illness Cover Booster

A Technical Marketing presentation for advisers highlighting the need and opportunities for Serious Illness Cover Booster.

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Master Class: Serious Illness Cover Booster

  1. 1. Serious Illness Cover Booster Even more help coping with the long-term effects of some serious illnesses For Advisers
  2. 2. 2 Earlier diagnosis mean higher survival rates More people are being diagnosed with cancer earlier, but fewer cases get to an advanced stage Source: Cancer Research UK
  3. 3. 3 It means a growing diagnosis gap Gap between diagnosis and start of traditional critical illness cover is growing Critical Severe Chronic A severity based approach means we can better meet customer expectations Traditional Critical illness payment level Typical point of diagnosis Serious Illness Cover provides more cover from the point of diagnosis
  4. 4. 4 Traditional critical illness cover Cover is designed to typically pay out for critical conditions only Payout A traditional critical illness policy pays out 100% on most conditions covered…. Conditions covered Partial payments of around 25% may be made on some policies on certain named conditions Diagrams are only illustrative of how cover works
  5. 5. 5 Comprehensive Serious Illness Cover Broader cover with more appropriate payouts mean we can better meet customer expectations Payout Conditions covered Up to twice1 as likely to pay out compared to typical critical illness cover Diagrams are only illustrative of how cover works. 1 Based on analysis by Hannover Re UK Life Branch, August 2013
  6. 6. 6 Comprehensive Serious Illness Cover with Booster Payout For the same long-term conditions an additional 10% boost for every child named on the policy For certain long term conditions it boosts payments from 100% up to 200%, depending on age at claim Conditions covered Serious Illness Cover Booster provides a 100% payment on conditions typically covered at 100% by CIC Cover for early stage illnesses with Comprehensive Serious Illness Cover Diagrams are only illustrative of how cover works
  7. 7. 7 Comprehensive Serious Illness Cover with Booster Payout Conditions covered Up to twice the amount for certain conditions, compared to typical critical illness cover Up to twice1 as likely to pay out compared to typical critical illness cover Diagrams are only illustrative of how cover works. 1 Based on analysis by Hannover Re UK Life Branch, August 2013
  8. 8. 8 What customers said What cover type appeals to you most? Relative appeal of cover options +28% +58% CIC SIC A Hybrid Source: Immerse research (2013)
  9. 9. 9 The need for extra cover Example Ben – 30 years old – Takes out Comprehensive Serious Illness Cover – £100,000 sum assured • Unfortunately Ben is diagnosed with Multiple Sclerosis when he reaches 34. • His condition is quite severe leaving him unable to do a number of activities such as washing without some assistance. • He receives a payout, and because he had Serious Illness Cover Booster it is boosted 75% to £175,000. • That is £75,000 more than if he just had Serious Illness Cover, and it means Ben can afford a lot more help to get on with life including modifications to his home and improved mobility. 100,000 175,000 With Serious Illness Cover Booster Without Serious Illness Cover Booster
  10. 10. 10 Why recommend Serious Illness Cover with Booster Give your clients more • Cover for early stage illnesses – Even less severe illnesses have an impact on customers. So Comprehensive Serious Illness Cover offers cover for more early stage conditions than a typical critical illness policy. In fact your clients may be up to twice1 as likely to get a payout. • 100% payment for conditions typically covered by critical illness – For some customers having a 100% payout may be important. Serious Illness Cover Booster increases the payments made on our Serious Illness Cover, so that you can be sure clients will get a 100% payment for the conditions that are paid out at 100% by a typical critical illness policy • Boosted payments for long-term illnesses – Certain conditions can have a bigger long-term financial impact, particularly if they happen when your client is younger or if they have a family. Serious Illness Cover Booster will increase the payout made for certain conditions from 100% up to 200% depending on their age at the point of claim. • Additional boost for children – If your client receives a boost for a long-term illness, we will also pay an additional 10% for each child named on the plan (up to £25,000 each), recognising the additional costs you client may need to cover. 1 Based on analysis by Hannover Re UK Life Branch, August 2013
  11. 11. Vitality Optimiser A new generation of protection
  12. 12. Vitality Optimiser: A new generation of protection Regular behavioural nudges Annual cash back Silver Gold Platinum £50 £75 £100 £100 £150 £200 Double cashback for joint PruHealth/ PruProtect members 1 2 3 4 5 6 7 8 9 10 11 1 Incentivise behavioural changes Immediate reward Up to 40% premium discount 2 Integrated wellness Integrated healthy living rewards programme 3 Fairer approach to pricing Bronze Silver Gold Platinum Market premium
  13. 13. With Vitality Optimiser Charlie gets more cover 13 Vitality Optimiser example Using Vitality Optimiser to help customers get more cover Cover Total monthly cost Serious Illness Cover £33.44 + SIC Booster £36.23 + Vitality Optimiser £33.79* A cinema ticket £23.79 Engage with Vitality to keep the premiums low and stay healthy and pays less *Including the cost of Vitality Plus fee of £3 per month. Prices as at 21 July 2014 Charlie – 30 years old – Takes out Comprehensive Serious Illness Cover – Essentials Plan – 25 year term – £100,000 sum assured – He also goes to the cinema once a month
  14. 14. Serious Illness Cover Booster - Appendix For Advisers
  15. 15. 15 Which conditions are boosted to 100%? Original severity: D Original severity: C Original severity: B Cancer Coronary artery by-pass grafts Aorta graft surgery Heart valve replacement or repair Heart attack of specified severity By-pass graft surgery to three or more coronary arteries Alzheimer’s disease - resulting in permanent symptoms Loss of a single hand or foot Heart attack ejection fraction of between 40% and 45% Benign brain tumour - resulting in permanent symptoms or surgery Loss of use of a whole hand Loss of a single limb Coma - resulting in permanent symptoms Surgery for drug resistant epilepsy Any neurological disease inability to perform 3 out of 6 functional activity tests Motor neurone disease - resulting in permanent symptoms Any other cardiac condition ejection fraction of between 40% and 45% Multiple sclerosis - resulting in current symptoms Bilateral hemianopia Parkinsons disease - resulting in permanent symptoms Connective tissue diseases - 3ADLs Stroke – resulting in permanent symptoms Cardiomyopathy ejection fraction of between 40% and 45% Traumatic head injury - resulting in permanent symptoms Fibrotic lung disease with transfer factor 35% and 39% of predicted Creutzfeldt-Jakob disease - resulting in permanent symptoms Guillain-Barre syndrome Dementia - resulting in permanent symptoms Home oxygen therapy Encephalitis - resulting in permanent symptoms Hypertrophic cardiomyopathy - maximal LV wall thickness between 15mm and 25mm Muscular dystrophy Severe chronic renal impairment Progressive supra-nuclear palsy - resulting in permanent symptoms Stage IV chronic obstructive pulmonary disease Spinal tumour Third degree burns covering 15% of the body’s surface area
  16. 16. 16 Which long-term illnesses are boosted above 100%? Severity A conditions boosted from 100% up to 200%: Alzheimer’s disease - permanent failure 4 out of 6 functional activity tests Loss of muscle power resulting in the inability to grip Progressive supra-nuclear palsy - permanent failure 4 out of 6 functional activity tests Any neurological disease - permanent failure 4 out of 6 functional activity tests Loss of speech Rheumatoid arthritis - permanent failure 4 out of 6 functional activity tests Benign brain tumour- permanent failure 4 out of 6 functional activity tests Mental and behavioural disorder - persistent confusional state to age 70 Severe visual impairment Blindness Mental and behavioural disorder - total lack of social interaction to age 70 Stroke with residual deficit measuring 4 or above on the modified rankin scale Cauda equina Motor neurone disease - permanent failure 4 out of 6 functional activity tests Systemic lupus erythematosis - permanent failure 4 out of 6 functional activity tests Coma causing permanent inability to perform 4 out of 6 functional activity tests Multiple sclerosis - permanent failure 4 out of 6 functional activity tests Systemic sclerosis (scleroderma) - permanent failure 4 out of 6 functional activity tests Creutzfeldt-Jakob disease- permanent failure 4 out of 6 functional activity tests Muscular dystrophy - permanent failure 4 out of 6 functional activity tests Third degree burns Dementia - permanent failure 4 out of 6 functional activity tests Paralysis of limbs Total and permanent disability - unable before age 65 to do at least four work tasks ever again Encephalitis causing permanent inability to perform 4 out of 6 functional activity tests Parkinson’s disease - permanent failure 4 out of 6 functional activity tests Total and permanent disability - unable before age 70 to do your own occupation ever again Giant cell arteritis - permanent failure 4 out of 6 functional activity tests Permanent faecal incontinence Total and permanent disability - unable to do at least four tasks designed to assess whether you can look after yourself ever again Loss of hands or feet Persistent vegetative state Traumatic head injury - - permanent failure 4 out of 6 functional activity tests Loss of manual dexterity Polyarteritis nodosa - permanent failure 4 out of 6 functional activity tests Wegener’s granulomatos - permanent failure 4 out of 6 functional activity tests
  17. 17. 17 How are long-term illnesses boosted Age related boost up to 200% of cover • The % of cover paid will decrease by an additional 2.5% for every year they are diagnosed after the age of 24. For lives 24 or younger we will pay 200%, and for those 64 and older we will pay 100%. Age attained at date of diagnosis % of Serious Illness Cover paid 16 - 24 200.0 25 197.5 30 185.0 35 172.5 40 160.0 45 147.5 50 135.0 55 122.5 60 110.0 64 and older 100.0

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