Dr Marius Barnard has called on the protection industry to “resurge” long-term care insurance, claiming “it is the product of the future”.
At the Protection Review dinner in London last week, Dr Barnard, the architect of critical-illness cover and one of the pioneers of heart transplant surgery, said due to Britain’s aging population, long-term care will be the key product in the coming years.
He said: “Long-term care is the protection product that is needed more than anything else and I appeal to the big companies to resurge this product. It is the product of the future.”
Dr Barnard also called for more severity-based protection products as significant medical advances since the first CI product was launched in 1983 means illnesses are detected earlier and fewer cases are fatal.
He said that advisers are “financial doctors” and they, along with insurers should borrow from the techniques of “physical doctors”, who grade patients on a scale of one to four, based on a person’s functional ability.
He also said the industry should focus on the positives of the 80 per cent of claims that are paid out rather than the 20 per cent declined.
He said that the industry should “be on the offensive, not the defensive.”