I would like everyone to contribute to this question. I would like us to think of other health products in our respective countries, apart from the big 4 products (IP, CI, LTC, PMI), describe the products, stating the benefits, and policy conditions. Comment on how the product differs to any of the big 4. In addition we can also look at how the big 4 products in our countries, differ with the products as described in the course notes. e.g In my country (RSA: World Cup 2010), we have a group product sold by one of the big insurers, this product pays a lump sum on disability, but the lump sum is payable in a fixed number of instalments, and the remainder is paid out when the claimant dies. This cover is only offered to a group that has life cover as well. If the member recovers from injury and is fit to work again, then the life cover will be deducted by the amount already paid out to him when disabled. This product removes the risk of low recovery rates (benefit is fixed), any risk associated with benefit growth rates is removed. This product differs with IP, due to the benefit being payable in a fixed number of instalments, instead of until cease age or death. Differs with CI, payable in instalments, and the conditions for disability could differ as well. "You can help me to identify other differences".
Uk health products I find the following website useful for getting a feel for the latest developments in the UK health insurance market. http://www.hi-mag.com Click on "Product Reviews" on the left hand side for reviews of the latest products. Click on "categories" to get more detail on a particular product type (e.g. CI or LTCI). Remember some background reading is useful for (mentally) preparing oneself for a question on an unusual product and for increasing your understanding of the products described in the Notes. However, detailed product knowledge beyond that in the Core Reading should not be required for the ST1 exam. Regards Steve
