“Probably the least popular would be any services which are only available at the point of claim.”
According to Emma Walker, chief marketing officer at LifeSearch, the impact on premium can be key from a client perspective but that should not stop added value benefits forming part of the advice process.
“You can get a host of valuable benefits, sometimes included in the premium, which are definitely part of our recommendations.
“Additions such as Best Doctors from AIG, fracture cover with Royal London and LV= and the care benefits with a number of insurers offering counselling and advice following a claim are up there in popularity with advisers as they come part and parcel of the policies.
“The most useful added value service in my opinion is probably global treatment from Aviva.
“At £4 a month, it’s easily the best value for money option.
“To be able to skip NHS waiting lists and have pioneering treatment anywhere in the world if you or your children are diagnosed with a listed serious illness is a no-brainer for anyone who wants to protect their family in the best way.”
Teladoc Health says its most popular services are its Medical Triage services through its network of GPs and primary care doctors, its Expert Medical Service that allows patients to have access to a network of leading specialists from around the world for second opinion on complex conditions, and its mental health diagnostic service.
Jennifer Gilchrist, protection specialist at Royal London, says the provider’s most used services are counselling, second medical opinion and also physiotherapy.
“With mental health becoming less of a taboo subject, people are now more open to accepting help so we are seeing much more use of the face-to-face counselling support in addition to the support from a dedicated nurse.”
Meanwhile, Ian Sawyer, commercial director at Assured Futures, adds a cautionary note: “It’s essential that the value-added services remain true to the sector they are in and offer essential support for customers when they need it.”
Selling on support
Which brings us neatly to our final question: will people ever buy protection for the added-value elements?
The families who received financial, physical and emotional support from protection providers as part of the Seven Families campaign a few years ago said the additional services were as important as the money.
What’s more, Medical Solutions’ research found that two fifths (44 per cent) of individuals would be more likely to purchase or switch their health or life insurance policy in the next 12 months if it included an added-value service.
Ms Husbands adds: “If faced with a financial only product and one which includes services to help people stay well and get the right help at the earliest stage – I am sure the latter will win out, providing it is reasonably priced.
