“BUPA” is the largest British healthcare organization that is situated in London, United Kingdom. The company has over 10 million clients in more than 200 countries. “BUPA” is a private company and as a result people have to pay money for the services provided by the staff of this company. “BUPA” was founded as an alternative to National Health Service that provides medical assistance for all taxpayers at no cost. The company was founded in 1947 and expanded very rapidly. “BUPA” provides life insurance to everyone: individuals, companies and organizations. Almost all biggest companies in United Kingdom are members of “BUPA” healthcare program. As the years passed by the company decided to diversify and expand the business to other similar areas. This created a bunch of new services: travel insurance, health insurance, hospitals, health assessments and others. In order to provide life insurance to the customers “BUPA” works with “Friends Life” that provides life insurance and financial services.
“BUPA” life insurance provides financial help for the family after the death of the insured person or after the diagnosis of a terminal illness. The policy can be written on a single or joint life basis. What is more, the person can choose from 5 different term cover options: level, mortgage, decreasing, renewable and family income benefit. Two types of premiums are offered: guaranteed and renewable.
People that decide to purchase term life insurance cover are given the access to “BUPA” health line that is open 24 hours 7 days a week. This offers the people the opportunity to get all the necessary answers about their health and well-being. Every call is answered by a fully trained and professional nurse that can give answers to the person about everything: how to stop smoking or how to prepare for a serious operation.
People can choose to add some additional options to this “BUPA” life insurance cover at an extra cost. These benefits include premium waiver, total permanent disability cover, fracture cover option and indexation of the cover as the time passes by. The indexation of the cover can be done using three different methods: RPI (Retail Price Index), AWE (Average Weekly Earnings) index or altering the cover by 3 % every year.
Critical illness cover offered by “BUPA” and “Friends Life” is designed to give the protection for a family after the insured person is diagnosed with one of the illnesses from a critical illnesses list. The family is paid the lump cash sum in this case and as a result can spend this money to cover the medical bills or maintain the standard of living. At the moment the list includes 45 different illnesses that are covered.
The company offers a very useful option that is called the concept of exclusion based premiums reduction. If some conditions of one or another critical illness are removed from the cover, the person is asked to pay less money for the cover. It is a very beneficial option for those people that have suffered from a serious illness or have a very bad family history of illnesses and as a result face obstacles obtaining the cover. This person can opt to exclude those illnesses from the list and as a result get limited critical illness cover at a reasonable cost.
Income protection benefit is designed to provide the family with a monthly income after the insured person was forced to stop working due an illness or an accident. The person can choose between two terms of the cover: term to retirement cover and fixed term cover. Two types of premiums are available: guaranteed and renewable. What is more the person can choose between 6 deferred periods: 1, 2, 3, 6, 12 or 24 months. What is more, the company offers a premium waiver benefit: the premiums will not be asked to be paid for longer than three months period if the insured person becomes incapacitated.
What is more, the person is granted with other benefits: career break benefit, proportionate and rehabilitation benefit, child care benefit and hospital inpatient benefit. Child care illness benefit promises to make a pay out if the child of the insured person is diagnosed with one of the illnesses from the illness list. Hospital in-patient benefit starts paying the money if the person is hospitalized because of an illness or an injury for more than six nights. The company promises to pay up to £200 for up to 90 days the person spends in a hospital.
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