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Information from a new report has indicated that the cost of premiums on medical insurance cover is putting customers off when it comes to taking out medical insurance cover or sticking with a medical insurance cover policy.
Research was carried out by Datamonitor, and according to the results of the study premiums of private medical insurance cover have risen by around six and a half percent each year between 2001 and 2005, and the number of people that have medical insurance cover has fallen by ten percent over this period.
A number of companies have been introducing new policies over the past year, with some new deals and more affordable premiums, but in many cases these launches have proven unsuccessful. Most people that are interested in having medical insurance cover have opted to take out cover through their employers, as the premiums of this type of cover are usually far lower this way. The study also indicated that consumer confidence in the National Health Service has improved, and this has resulted in fewer people feeling the need to take out private medical insurance cover.
One of the authors of the study James Dieppe stated: "Like the NHS, insurers are suffering from the ill-effects of high medical costs. Expense is still a major deterrent and insurers need to reassure consumers that they are getting good value." Researchers involved in the study also predicted that the level of people that had private medical insurance cover is likely to continue to fall by around three percent a year until about 2001.
There are some affordable deals and comprehensive policies available on medical insurance cover, and those wishing to take out this valuable protective cover should ensure that they compare a range of deals in order to find the one that best suits their needs and their pocket.
Tom Smith
03.04.07
Further Information:
- Life Insurance - Life insurance or life assurance as many likes to put it is the simplest type of cover or insurance policy available in the market. You can get a life insurance policy made to cover yourself and your family against the various uncertainties of life and the unforeseen future.
- Life Insurance and your Home Mortgage - When a loved one dies, it is upsetting to everyone involved - friends and family members. But what could be more upsetting to the spouse or children is the financial strain some deaths can leave behind.
- Insurance for the Critically Ill - Many people unfortunately become ill at some point in their life with a sickness that turns critical and need constant treatment on a daily basis. Life insurance is a popular product but it is actually more likely that an individual will contract a “critical illness” than die
- Do You Have Enough Life Insurance? - Besides the thousands of people who do not have life insurance, many that do are actually underinsured. Many have children or family members that rely on them financially, and don’t realize their coverage is less than ideal.
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