Comments on: The Best Critical Illness Policy In The World http://www.life-critical-illness.co.uk/blog/the-best-critical-illness-policy-in-the-world A blog dedicated to Life and Critical Illness Insurance Wed, 08 Sep 2010 19:13:23 +0200 http://wordpress.org/?v=2.9.2 hourly 1 By: admin http://www.life-critical-illness.co.uk/blog/the-best-critical-illness-policy-in-the-world/comment-page-1#comment-1050 admin Sat, 30 Jan 2010 17:02:17 +0000 http://www.life-critical-illness.co.uk/blog/?p=843#comment-1050 Thanks for your response Roger. The internet has given everyone access to the information they want. What this really means is that people now have 'control.' What the financial services industry needs to do now is to let people have that control they want. Advisers can spend all the time they want telling people that they 'need' advice but if someone decides that they want to spend some time on the internet and do their own research they clearly do not want advice, they want 'control.' What I am proposing here is that life assurance companies stop telling people what they can have but instead offer/ask people what they want. It's a win win situation. The client has the policy that they designed therefore they're are far more likely to keep hold of the policy longer. The life assurance company has picked up business from someone who might not have been interested in their proposition in the 'old days.' Advice will still be important so somehow advisers and life assurance companies need to work harder together than ever before. Anyone can start a blog now with a grudge about a company or product that can start a negative conversation. As long as advisers and life assurance companies work with each other this damage can be limited significantly. The only way to survive now is to be a part of the internet conversation rather than trying to control it. Thanks for your response Roger. The internet has given everyone access to the information they want. What this really means is that people now have ‘control.’ What the financial services industry needs to do now is to let people have that control they want. Advisers can spend all the time they want telling people that they ‘need’ advice but if someone decides that they want to spend some time on the internet and do their own research they clearly do not want advice, they want ‘control.’ What I am proposing here is that life assurance companies stop telling people what they can have but instead offer/ask people what they want. It’s a win win situation. The client has the policy that they designed therefore they’re are far more likely to keep hold of the policy longer. The life assurance company has picked up business from someone who might not have been interested in their proposition in the ‘old days.’

Advice will still be important so somehow advisers and life assurance companies need to work harder together than ever before. Anyone can start a blog now with a grudge about a company or product that can start a negative conversation. As long as advisers and life assurance companies work with each other this damage can be limited significantly.

The only way to survive now is to be a part of the internet conversation rather than trying to control it.

]]> By: roger edwards http://www.life-critical-illness.co.uk/blog/the-best-critical-illness-policy-in-the-world/comment-page-1#comment-1049 roger edwards Sat, 30 Jan 2010 16:24:54 +0000 http://www.life-critical-illness.co.uk/blog/?p=843#comment-1049 This is a really good idea. Need to bear in mind that the cost of covering Cancer, stroke and heart attack is about 85% of the cost in a CIC product that covers 30 odd illnesses - so leaving in one or all of these will not reduce the premium significantly - but what you describe would offer the ultimate in flexibility! This is a really good idea. Need to bear in mind that the cost of covering Cancer, stroke and heart attack is about 85% of the cost in a CIC product that covers 30 odd illnesses – so leaving in one or all of these will not reduce the premium significantly – but what you describe would offer the ultimate in flexibility!

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