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Lucky applicants for life insurance can be insured within 48 hours and at the premium quoted - but 2 in 3 applicants are faced with delays plus the prospect of having their premium loaded.

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

So who are the lucky ones? Basically, you'll have to be as fit as a flea with no family history of serious illness, under 45, in an office type job and probably applying for less than ?250,000 cove

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

. For everyone else there is going to be some hassle.

When an insurer provides an initial quote for life insurance, all they know is your age, sex and smoking status. They use these detai

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

s to make an initial prediction of how long you are likely to live and on that basis they give you an initial quotation. They call it their “Standard Terms”.

If you want to progress your

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

pplication you'll have a multi-page application to complete. This isn't as daunting as it may seem, as most online operators take your details over the phone and send you a copy of the completed appl

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

cation for you to check over. But the questions are extensive and if you miss out anything that later turns out to be significant, your insurance may well be invalidated. So be warned and take care!

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

br>
The insurers use your application details to look out for anything that signals current or future concerns about your health or life style. Besides the obvious questions that reveal health

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

problems, they also evaluate your weight, alcohol and nicotine intake, and any potentially inherited health problems. So if your father died of a heart attack or mother died from breast cancer, they

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ll be concerned.

Then there's your life style. If you're in a type of job where accidents do happen, construction jobs are a good example, or you are involved in any form of dangerous spo

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

t or flying, your premium is in line for loading. They'll even want to know whether you regularly travel to countries that are known to represent health risks for visitors. And whilst the law doesn't

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

allow discrimination against same sex relationships, the insurance companies will almost always insist on a medical for these applicants.

Insurers freely admit that the number of question

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

they ask is increasing. They claim it's to reduce the number of claims they refuse. Whilst that may be partly true, the trend has also coincided with an increase in the proportion of applicants who

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

re seeing their premiums loaded. Some years ago it was nearer 40% - today's for some insurers the level is virtually 66%.

How much extra might you be asked to pay? That's a bit like how l

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ng is a piece of string. But to give you a feel, a woman aged 40 receiving medical treatment for post-natal depression was recently faced with a 50% loading on an initial quotation of ?7.60. A woman

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

whose mother had breast cancer similarly faced a 50% loading. Seriously overweight people can also expect loadings of 50% to 100% or even refusal.

Faced with a loading what can you do? It

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

s important to appreciate that the insurance companies giving the cheapest initial quote are also likely to have particularly choosey medical criteria. That's how they keep their quoted prices low. S

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

if you're faced with a loading, the best advice is shop around, Try one of the more expensive providers like Friends Provident who are sometimes a bit more lenient.

Whilst this may sound

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

overly complicated, remember that over the years, an extra ?10 a month on a 25 year policy represents ?3,000 of your hard earned money. If you don't have the experience or time to do this, and after

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ew of us do, speak to an online life insurance broker.

Competition is high on the Internet and online brokers will normally reduce your premium by cutting their commission. Their systems

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

re also well versed in finding alternative providers to alleviate loading problems. So keep things simple. Let your keyboard fingers do the walking and let the online broker do all the hard work!

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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