Protection menus that offer customers the option of Pick 'n Mix health and life cover in a single comprehensive policy for over two decades. Unfortunately, the original version is not considered very attractive to customers, even if the concept was correct. Savings direct debit, a single set of administrative steps by the insurer and the consumer welcomed. However, the benefits of these menus have been outweighed by the disadvantages.
The range of products offered by the great pioneers were Pegasus and Lincoln National is not competitive. independent financial adviser (IFA) bought the major operators to create packages of protection for customers, well below the prices on the menus of protection. The market has changed and a deluge of menus protection has been started, who obtained the consent of many intermediaries.
Scottish Provident was the first, a recipe for success when it is restarted auto insurance menu developed. They were soon adopted by Legal and General, Liverpool Victoria Life, Friends Provident, Skandia Life, Scottish Equitable Protect and others followed should follow shortly.
Three basic elements are in most menus protection. Critical illness cover lists a number of conditions for the critics said it will pay a flat rate. The least expensive care insurance pays a lump sum if you die in a given period and nothing after that. Finally, there is a safety net that pays you a regular income, if long-term disability or illness prevents you from working. The menu can redundancy of coverage, usually limited 12 or 24 months and also to pay the mortgage may be limited. The principle attraction is the flexibility of the products. For example, different levels of coverage can be arranged for the individual components, so if you are on the one hand, the application of the others are still in force. No further medical evidence would face major lifestyle events, such as relocation is required, with a baby or get married. These additional services are called "guaranteed insurability options known.
Various components of the cover are at the end of a short questionnaire will be recorded and you will still benefit from discounts, standard policy.
An example of benefits from a menu of protection is represented by a young couple chose the Legal and General Protection menu options for mortgage protection. You pay a combined premium of 31.07 pounds per month to separate serious illnesses and life insurance, written on the basis of the common life. At first they were covered with 109 pounds 750 with its 25 years of mortgage is repaid limited. Life cover is paid if one of them dies, and the policy is over, but the survivor will always benefit from a critical illness cover. Life cover can be maintained for both, even if one becomes ill and the policy will pay if you die first.
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