Following on from yesterday's post - the top five weighted items for Life insurance are:
- Main Benefit and Definition
- Special Events Increase
- Inflation Adjustment - Benefit
- Upgrade Policy Wording
This post we assess the special events increase score and here are the sub-items.Positive points are given for events, and more for more frequent or more generous events. Negative points are awarded for limits on events. Each of the items is weighted approximately to likelihood and the impact of the event on insurance requirement. There is a separate weighting calculation for the amount modeled. We have two other guidelines to consider with this feature:
- It is really useful for people who have failing health. It is only a convenience for people in good health, because they could simply apply and get more cover, so it only saves them a longer form.
- It is weighted lower by the frequency score assigned to it in our database. Not many people use special events increase in cover options. We think that is a lost opportunity.