Insurance Tailors, an independent London insurance broker, has launched XN GlobalPreferred Care, a critical illness treatment product.
Traditionally, UK critical illness insurance policies have provided a one-off, tax-free, lump sum monetary payment upon diagnosis of a prescribed illness. This payment is designed to help ease any financial pressures that may arise from contracting the illness. This product takes a new approach by replacing money with treatment.
The aim is to maximise the chance of survival, which is the key to recovery from life threatening illness. Upon diagnosis of a covered critical illness, a policyholder is given a diagnosis verification treatment plan by experts at Harvard Medical School in the USA, reducing the risk of preventable medical errors, and an optimum treatment plan is created. Cover is then provided for travel to, and accommodation in the US for treatment and recovery in a top 1% rated US hospital.
Andrew Boldt of Insurance Tailors explains, "In the UK, our ability to treat critical illness is too often constrained by local thinking and financial constraints. It is widely acknowledged that the US is a global leader in research and treatment of critical illness and this offers UK residents access to these world leading treatments and specialist diagnostics."
Versions of this cover have been available in a few other countries for five years. It has been successfully operating in Asia, the Middle East and Europe, but this is the first time it is available to UK individuals and companies.
The diagnosis, travel and treatment are arranged by global patient organization PGH. The insurance is underwritten at Lloyd's of London.
Andrew Boldt of Insurance Tailors adds, "The launch of this product is in line with our mission to change the way that the insurance industry is perceived; in this case, by bringing to market a product that I believe gives people what they want. As the first buyer of the product in the UK for my own family I can evidence this myself. This product is different to other products in the UK private medical and health insurance markets in that it has been designed with a very specific goal; to optimise the chances of survival and recovery from critical illnesses, including all forms of cancer (other than non-invasive skin cancer and cancer in the presence of HIV). This outcome is made possible by not limiting patients to local treatment, but rather making use of global best practice, research, expertise, technology and innovation.”
Customers benefit from:
??? ?The experience and knowledge of the leading experts in any covered condition at Harvard Medical School to review the diagnosis of their condition and create a treatment plan that they believe will provide the best chance of recovery from the condition
??? ?A dedicated local care manager is appointed who will be the point of contact throughout the process, overseeing everything from logistics to explanations of medical treatment
??? ?Travel to and accommodation in the US is arranged and paid for by the policy
??? ?Treatment and recuperation within a hospital rated in the top 1% of US hospitals for the specific condition is paid for directly by the policy.
Perfect Health Cash Plans has a new insurance plan for families, the self-employed and businesses. Surgical Cash is a health cash plan that pays a fixed sum of money should customers need an operation. They can choose the treatment privately in the UK or abroad. Alternatively, they can keep the money and have treatment on the NHS.The customer has to make all arrangements for treatment and travel, whether in the UK or Europe, and gets cash back from the insurers after treatment.
Perfect Health Cash Plans is a specialist health insurance intermediary. Cover is underwritten by Compass Underwriting. Surgical Cash plan is insurance for when people are really ill and require a surgical procedure, but is much cheaper than traditional private medical insurance. Several dental and cash plans in the UK now allow customers to choose whether they get treated at home or go to Europe, but all work on a reimbursement basis where the customer pays out, arranges travel and treatment, then gets some money back from insurers.
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