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"BUPA" healthcare organization was founded in 1947. The main purpose behind this organization was to ensure alternative healthcare protection solutions to the ones provided by National Health Service (NHS). "BUPA" became one of the leading providers of healthcare solutions in the UK market. Recently, the company decided to expand and propose to its clientele two new services: life insurance and critical illness cover.
BUPA offers few alternatives to choose from a variety of life insurance options. It is possible to choose whether to have term insurance or family income benefit. The first one offers lump sum of money that will be paid in case of death and another one proposes annually paid benefit until the end of the agreed period in the contract scheme. Moreover, BUPA offers possibility to choose mortgage protection, renewable term cover and critical illnesses cover.
The first one, mortgage protection, is tied with the period of mortgage that the insured person has. It offers cover for fixed time period, usually set to be until the end of the mortgage. If a person dies, his dependents get their mortgage repaid. As over time mortgage is decreasing because of monthly repayments, the same way the maximum coverage amount gets smaller too. Thus, mortgage protection cover has decreasing benefit.
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Renewable term cover usually requires higher premiums compared to normal term insurance, however, as the name implies, it has a benefit of being easier to renew. The policy usually can be renewed after 5 or 10 years depending on the agreed insurance policy conditions. Of course, if the person’s health deteriorates over time, the premiums are likely to b altered considerably for the renewed policy. However, if a person has only normal term insurance and faces some serious health problems, it is likely that he will not be permitted to join a new life insurance program at all.
Bupa also offers critical illnesses cover benefit. Though it costs additionally, critical illnesses cover widens the area that is insured. The person’s dependents gets cover not only in the case of death of the insured one, but also in the cases of serious, permanent illnesses and disabilities.
It is possible to take out critical illnesses cover separately. However, it is more often used along with normal life insurance plan. As the main objective of insurance is to protect from various possible accidents, using two policies which complement each other guarantees more safety compared to using only one of them.