Devil in detail of medical assistance add-ons

Ultimately he says any decision is likely to be a trade-off between perceived value and cost.

Mr Lakey says: “Having established the sum assured and period of deferment the adviser needs to dig down to understand the client’s perception and assess how he/her values the benefits.

“Clients rarely give more than a cursory glance at brochures and probably treat suitability letters in a similar way.

“Benefits are frequently hidden away or glossed over and many advisers highlight these with bullet points or bold text to highlight them within any suitability letter. Ultimately it is down to the client to understand the plan purchased.”

Deepak Jobanputra, deputy chief executive of Vitality Life, says it is important that an adviser discusses the value of medical assistance with customers as they can provide substantial support at the point of claim.

Mr Jobanputra says not only do these benefits help customers make a speedier and more successful recovery, but these benefits also provide an opportunity for advisers to explore wider medical insurance needs of customers and broadens the conversation to cover private medical insurance needs.

He says: “Anyone that is employed or self-employed should make a conscious decision about purchasing income protection and this should also be extended to house persons.

“It is important to ensure that customers are offered a comprehensive solution to meet their expectations at point of claim – added support at point of claim is fundamental.

“I do believe that most people wish to return to work after illness and injury and helping them to do so has got to be a good thing.

“This can help maintain independence and empower customers with choice leading to better outcomes for society.”

Everyone has had a family member or friend who has had a serious illness or disability. Christine Husband, managing director of Red Arc, says therefore everyone will recognise the fact that although money is a great enabler, practical advice and emotional support are just as important.

She says: “Illness is a hugely worrying time for the patient and their family. There are so many unanswered questions and so many concerns and emotions.

“The experienced personal nurse can help people and their families work through these issues and be there as an expert impartial friend for as long as they are needed.

“Advisers have an important role in helping people protect themselves from the financial consequences of illness, surely they also want to be sure that people will have the best possible experience if they do need to claim?

“Paying the claim takes away the financial stress but it is a great back up to support customers at this difficult time with whatever they need.”

What all our experts agreed is it is essential for advisers who want to avoid the wrath of the regulator to understand the ease of access to the medical bolt-on service and whether this is a permanent feature of the policy or whether it could be pulled in the future.

For example, it is worth noting that when Friends Life announced they were adding Best Doctors to their group critical illness and group cancer cover scheme in March this year, the press release was accompanied with the disclaimer “this is a non-contractual service that may be withdrawn by us [Friends Life] at any time without notice”.

Also while some insurers make the Red Arc personal nurse adviser service available to their policyholders throughout the life of the policy, Ms Husband notes others only offer access at point of claim. Some also widen access to Red Arc’s service to family members of the policyholder too.

It is clearly not enough for an adviser to just see the name of a service attached to a policy. It is vital they pick through the fine print and understand how, when and who can access the assistance and if the plug could be pulled on it at any time – and whether the client is happy to pay the price that is attached to that level of support.