As we emerge from the Covid-19 pandemic many things will have changed, they way we work and socialise, and the way we use technology.
As most people have had more time during the lockdown, they have been able to review the features and benefits of the products and services they buy, what are the added value benefits, are they useful and do they enhance the product?
These questions are being asked about a whole range of products and services, and we have experienced that change in the way people look at life insurance.
It seems the days of lowest premium only have passed, and the new life insurance customer wants to know what are the additional benefits of choosing one insurer over another?
This attention to detail has seen a decline in the amount of online life insurance sales, as buyers opt for a personal advice service.
As the lockdown took hold, many people wondered if their existing life insurance cover was sufficient, or indeed would cover them in the event they contracted the virus. With life insurance companies attempting to both placate client fears, whilst continuing to grow their business amongst increasing competition, we have seen some significant advances in values added benefits.
Value added benefits
It is now standard in with some insurers to have a 24/7 remote GP service.
This is usually accessed via a phone app, allowing prompt access to a professional who, in some cases, can write a prescription and have it delivered to the customer’s door. You can imagine, this has been a great boon to many during the lockdown, when access to a GP is limited if available at all, and there are long queues at pharmacies. This is especially important for those with policies that enable them to use these services for their children.
We have heard much in the media regarding Mental Health and the stresses and strains caused by the lockdown, which has been at the forefront of many people’s minds.
To assist with this, many life and income protection insurers now have Psychological services.
These services are available 24/7 and puts the caller in confidential contact with a counsellor. We will never know how many people have called for help, or in which form, but it is reassuring to know support is available, and is included as standard in many policies.
Most insurers now have a Healthcare partner who can be contacted for a wide variety of services from general health advice to dietary advice, counselling to second medical opinions, as well as remote GP and psychological support.
Whether the policy is personal or business, and irrespective of the monthly premium, the customer now has more choice and more added value options than ever before. Many of which are now taking advantage of by reviewing their current cover and taking advice on ways to enhance their complete support package.
Life Assurance plans typically have no cash in value at any time and cover will cease at the end of term.
If premiums stop, then cover will lapse. It is prudent to look for a whole of market adviser as they will be able to provide the full picture, enabling you to build a comprehensive support package for you and your family, not just a life insurance policy.