Individual critical illness has most potential over the next three years, according to a recent survey, reports Andy Couchman.
Some 26 companies responded to Health Insurance Monitor’s
annual trends survey. Confidence in critical illness was boosted by the fact that sales are now over half a million new plans a year.
Individual income protection beat long term care insurance into third place. Individual income protection sales have fallen during the 1990s and while they have recovered recently to 145,000 in 1996, these still lag behind 1991’s 153,000 sales.
Long term care cover has been bolstered by the recent entry of Scottish Widows and Norwich Union. However, most providers felt its future depends largely on what, policies the Government decides to adopt to encourage people to fund their own long term care costs.
Which products have most potential for growth over the next three years?
|·Individual critical illness||25%|
|·Individual income protection||19%|
|·Long term care insurance||18%|
|·Group critical illness||10%|
|·Group income protection||7%|
|·Dental insurance/capitation plans||7%|