BUPA is the latest provider of long term care insurance to make a pledge to new and existing policyh...
BUPA is the latest provider of long term care insurance to make a pledge to new and existing policyholders that payments will be refunded should the Government decide to fund the payment of nursing fees.
Policyholders who believe they may have overinsured will be able to contact BUPA via their IFA and receive a refund of excess premiums.
The refund will depend on the type of plan and the policyholders' circumstances.
The move follows similar policyholder guarantees made by PPP lifetime care and CGU.
Geoff Brown, managing director of BUPA Health Assurance, said that he hoped the pledge would encourage those who have previously been put off taking out cover due to Government uncertainty, to consider LTCI as a funding solution.
He said: "The Government is clearly giving serious consideration to the provision of free nursing care for the elderly. Some people have chosen not to take out policies until the Government has announced exactly what it will do. This is entirely understandable.
"BUPA's guarantee means that whatever the Government does, our customers cannot lose and intermediaries are able to write new business with confidence."
PPP launched its pledge to policyholders in March last year shortly after the Royal Commission reported. It will rebate any excess under its bond-based scheme and for regular premium contracts it will reduce premiums, top-up cover, upgrade cover or allow policyholders to claim earlier should they become overinsured in the light of changes to State funding.
CGU issued its 'Promise' in March this year, guaranteeing it will, as appropriate, increase, reduce or cancel cover, refunding the premium in the event of any changes to State assistance.
For details contact: 0800 332000
