What are the Benefits of Global Treatment?
Our client, Mrs M contacted us to review her insurance as she had recently separated from her husband. We had arranged her life insurance four years previously to ensure that funds are available to repay her mortgage should either herself or her husband pass away. Mrs M told us that she intended to leave the plan in place but she would like a more comprehensive policy as she has an 18-month-old daughter.
Mrs M is 41 years of age, a non-smoker and works full-time. She has substantial benefits through her employer but would like a personal policy in case she should ever change jobs.
We suggested a Life and Critical Illness policy. This would pay out a lump sum should the policyholder pass away or suffer one of the medical conditions listed on the schedule. Although the medical conditions are ‘critical’ they are not necessarily life-ending. In many cases, the policyholder can make a full recovery. Furthermore, the policies also payout 25% of the sum assured, up to £25,000, should one of the policyholder’s children be diagnosed with one of the conditions.
Is the cheapest premium everything?
Each Insurance Company offers variations on the list and definitions of medical conditions covered under Critical illness cover. Although we will also offer the lowest costing policy, we will also point out the most comprehensive policy.
Mrs M was very interested in the Aviva Upgrade Critical Illness policy which is currently one of the most comprehensive plans on the market today. Aviva are also the only company to offer the Global Treatment Benefit.
The Global Treatment Benefit ensures that the medical and travel costs are covered if the best treatment is available abroad for the following conditions:
Coronary Artery Bypass Treatment
Heart Valve Replacement
Neurosurgery (for conditions life benign brain or spinal tumours)
Live-donor organ transplants
Bone marrow transplants
The benefit costs £4.00 a month per person but also covers the policyholder’s children. In the event of a child requiring treatment, the benefit additionally covers the travel, hotel and daily expenses for both parents.
Mrs M was surprised to learn that she could obtain a level term life or early critical illness policy with Aviva which offers a sum assured of £20,000 over a term that runs until her retirement age of 67 for a premium of £16.31 a month plus an extra £4.00 for the Global Treatment. The total monthly cost of £20.31 is well within Mrs M’s budget and she was happy to pay for this to ensure peace of mind for both herself and her daughter.
Please note that any premiums mentioned are indicative only and based on this specific case study/ example, which is shown for information purposes only. Your own circumstances will determine whether the amount payable is more or less than the figure quoted.
All our case studies are based on actual client scenarios, many of which pre-date 2020. We are confident that the acceptance decision made by the insurers would still be offered. Although it is likely that the rates will have changed, your own circumstances will determine whether what amount will be payable by you and would be fully discussed with you before any plan is implemented.
Whilst you are welcome to get a quote online, we would recommend you speak to one of our advisers.
Any quote that your adviser provides you with will take into account your circumstances and medical history, as well as your budget!
An online quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.
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Interested in related stories?
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