nib: Policies offer value

Fidelity and nib announced earlier this week that they were set to offer advisers the option of bundling health and life insurance policies together.

Fidelity chief executive Milton Jennings said advisers could submit a life and health insurance application as one application for two policies. “From an adviser’s point of view, the more products you have with a client, they more loyal they’ll be,” Jennings said.
But some advisers questioned how useful the policies were.

One said: “No guaranteed wordings means no certainty at claim time! Nothing new here. I will be sticking with other providers.”

A nib spokeswoman said guaranteed wordings could provide certainty of cover but could also have the opposite effect when treatment costs started to increase, affecting premiums. “The customer ultimately pays the price unless we can alter terms and conditions. This we would do only in extreme circumstances.”