The Financial Conduct Authority (FCA) recently released an in-depth report looking at how accessible travel insurance is for those with pre-existing conditions. It’ll come as no surprise to anyone who has tried to get a quote from a mainstream provider – travel cover can be ridiculously expensive. We’re glad the FCA has raised the issue.
While the report focused on people who’ve had cancer treatment, it notes how many people with long-term health conditions are “feeling discriminated against by insurers.” It even suggests the exclusion from such financial services could be bad for people’s long-term well-being.
At Insurancewith, we understand this. As Sarah Page, our Brand Manager, said: “We regularly hear about customer’s experiences with different providers giving them quotes between hundreds or thousands of pounds, or declining them cover altogether at the slightest mention of the C-word.”
The intrusive questions, the expensive prices and refusal to cover certain conditions is upsetting for customers. It even puts people off going on holiday, especially when insurance quotes come back as costlier than the trip.
The report also notes the lack of transparency around how these quotes are calculated, and what risk factors drive them up.
We do things differently, and we wanted to use the report to shout about how we can help you. The Times used price comparison websites to examine the cost of travel insurance for a two-week holiday to America for an imaginary 58-year-old.
When declaring this person had successfully completed treatment for lung cancer within the last three years, the quote came back at £2,553.67. We’d cover this person for only £36.54. That’s a huge 98% cheaper.
We can do this because of our experience in dealing with pre-existing conditions. As Sarah says: “By treating the customer as an individual and not providing a price based on their diagnosis, but on their lifestyle, treatment, and stability, we can often offer cover where others cannot.”
Most insurers use Verisk (previously known as Healix), but we use Protectif. Here’s a sample of how much it could save consumers:
|Condition||Healix||Protectif||Saving with Insurancewith|
In all the news which has followed, the same idea has prevailed – everyone has the right to travel. It’s something we’ve been championing since the start and it’s why our customers are at the heart of everything we do. “We use their feedback and experience to shape our policies to suit their needs, not just for cancer but for any long-term, serious or chronic medical condition – physical or mental,” Sarah clarifies.
Find out more about our award-winning medical screening process and how its saving our customers money.
Due to such savings, the FCA have urged insurers to direct people to specialist cover providers. “We are convinced that better signposting would have a positive impact, greatly improving consumers’ ability to get affordable cover,” the report notes.
With the Easter Bank Holidays fast approaching many of our medical travel insurance customers have been looking for inspiration of where to go. Whether you’re looking to whisk the family away for the term break or just want to enjoy a break before the holiday season gets expensive and crowded, a European city break is ideal. Read more
People all have the same reasons for wanting to travel: to see new places, meet new people, experience new things, visit someone or somewhere they love, to work, or just to relax. Even if you haven’t been affected by cancer, your motivations for going away are likely to be the same as someone who has been, and more often than not those fighting cancer often bring forward trips as a way to experience something they always wanted to, or as a chance to get away and recover. For someone who has been or is ill, getting away from the routine of check-ups, doctors and medical care can be an ideal chance to recover somewhere relaxing and different. Read more
The story of Greig Trout’s journey around the world with the aim of helping those who are still or have experienced cancer, has already been the focus of two previous posts on the Insurancewith blog, and we’re proud to still be sponsoring Greig as he continues ticking off things on his list whilst inspiring so many others. Our last 101 blog post left Greig following his check up in San Jose, Costa Rica, with the rest of South America ahead of him. Read more