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Call for change in provision of life insurance

Date: Mon, 09 Jan 2006

There needs to be changes to how life and health insurance policies are provided, claims a new report.

A study by financial research company Defaqto concludes that cover such as health insurance, critical illness cover, and income protection insurance should be combined into one package, in order to simplify the current system.

The one-stop policy could also enable faster treatment as well as lowering premiums for many claimants as providers would also benefit from lower administrative costs and the need to cover less treatments in the long-run.

"There are significant opportunities to incorporate elements of private medical insurance cover in sister products to provide consumers with a more holistic health insurance proposition and to minimise duplication of both cover and cost," said report author Nick Telfer.

He added: "We firmly believe that the inevitable evolution is for holistic health insurance propositions, combining private medical insurance, critical illness cover and income protection insurance. It is only a matter of time before the first provider steps forwards to seize this opportunity."


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