An analysis was conducted of
MFTI Elite rates in relation to comparable plans in the broker channel. RBC, Travel Underwriters, Medi-Select and
Tour Med, TIC were chosen as these have been identified by brokers as our
competition in this channel. The rate
categories chosen for comparison were based on analysis of the medical
declarations and the pre-existing condition exclusions. The rates used did not include provisions
for deductible amounts and additional discounts available. However, this analysis does take these
factors into consideration. Where there
was a deductible, the rate was increased to take that into consideration. Where there were discounts (eg. Companion
and Claim Free), the rates were decreased to take that into consideration.
|
|
MFTI |
RBC |
TU |
MEDI-SELECT ETFS Royal &
Sunalliance |
TOUR MED |
TIC |
Plan |
Elite |
Classic <60 Gold 60+ |
Worldwide (incl. USA) |
Elite |
Preferred |
USA Plan up to 70 (61-70
<36 days) Seniors Worldwide for 61+ |
Med Dec |
55+ >30 days for
eligibility & rates |
60+ for rates |
Med eligibility for 70+ |
55+ for eligibility &
rates |
All ages for eligibility,
55+ for eligibility and rates |
No Med Dec. |
|
Deductible - <55 |
0 |
0 |
$250 |
0 |
0 |
0 |
|
Deductible 55-84 |
0 |
0 |
$250 |
$200 (+10% for 0) |
0 |
0 |
|
Deductible 85+ |
0 |
0 |
$250 |
$1,000 (+20% for 0) |
0 |
0 |
|
Pre Ex all are stable |
6 months |
90 days |
<55 &<29 days =7 days <55 &>29 days =90 days <56-59 & <15
days= 7 days <56-59 & >15
days= 180days 70-89 =365 days |
6 months |
12 months Major
Conditions Other Conditions - <76 3 months 76+ - 6 months |
180 days stable for trips
>35 days up to age 70, 71+ all durations |
|
Discounts Available |
5% companion & 5% claim
free |
|
|
10% companion for standard
only and if the companion is in another rate category |
5% companion |
|
|
Rates Effective Date |
July 2003 |
Feb. 2003 |
July 2002 |
July 2003 |
July 2003 |
July 2003 |
Age Bands |
0-25 26-39 40-54 55-59 60-64 65-69 70-74 75-79 80-85 |
0-24 25-59 60-64 65-69 70-74 75-79 80+ |
0-59 60-64 65-69 70-75 76-80 81-85 86+ |
0-29 30-54 55-59 60-65 66-70 71-74 75-79 80-84 85+ |
0-29 30-55 56-60 61-65 66-70 71-75 76-80 81-85 |
0-29 30-60 61-65 66-70 71-76 77+ |
Single Trip Plans
Takes into consideration available discounts and
deductibles. Percentages are
approximate.
Short Trip duration refers to trips up to 30 days. Medium Trip duration refers to trips 60 and
90 days.
Long Trips duration refers to trips 120 and 180
days.
Young age group refers to those up to age 55. Mature age group refers to those over age
55.
|
Compared to the competition MFTI is
. |
RBC Feb 2003 |
TU American Bankers July 2002 |
MediSelect ETFS Royal & Sunalliance July 2003 |
Tour Med Tour Med Assistance & ACA Assurance July 2003 |
TIC TIC Co-operators Life Insurance July 2003 |
|
Short Trip |
|
|
|
|
|
|
- Young |
Lower by 22% -40% |
Overall higher From 8% lower to 96% higher |
Overall lower From 39% lower to 13% higher |
Overall higher From 20% lower to 86% higher |
Overall higher From 7% lower To 30% higher |
|
- Mature |
Higher by 30% - 140% |
Overall lower From 26% lower to 78% higher |
Overall higher From 5% lower to 200% higher |
Higher by 58% - 200% |
Higher by 7% - 80% |
|
Medium Trip |
|
|
|
|
|
|
- Young |
Overall Lower From 23% lower to 14% higher |
Higher by 30% - 68% |
Higher by 0% - 35% |
Higher by 27% - 56% |
Overall higher From 2% lower To 14% higher |
|
- Mature |
Overall at par From 8% lower to 14% higher |
Overall Lower From 60% lower to 21% higher |
Overall higher From 6% lower to 48% higher |
Higher by 17% - 51% |
Overall lower From 20% lower To 23% higher |
|
Long Trip |
|
|
|
|
|
|
- Young |
Overall Lower From 20% lower to 25% higher |
Higher by 3% to 39% |
Higher by 7% - 45% |
Higher by 5% - 65% |
Higher by 0% - 19% |
|
- Mature |
Overall Lower From 15% lower to 6% higher |
Lower by 6% - 60% |
Overall at par From 18% lower to 24% higher |
Higher by 5% - 39% |
Overall Lower From 52% lower To 28% higher |
MARKET POSITIONS Single Trip
Plans
|
MARKET POSITION |
HIGHEST IN MARKET |
LOWEST IN MARKET |
MFTI |
|
Short Trip 8 Days |
|
|
|
|
- Young |
RBC MEDI-SELECT |
MFTI TU TIC |
AMONGST THE
LOWEST |
|
- Mature |
TU |
TOUR MED MEDI SELECT |
AMONGST THE HIGHEST |
|
15 Days |
|
|
|
|
- Young |
RBC |
TOUR MED TU |
MIDDLE |
|
- Mature |
MFTI |
TOUR MED MEDI SELECT RBC |
HIGHEST |
|
30 Days |
|
|
|
|
- Young |
RBC |
TOUR MED TU |
MIDDLE |
|
- Mature |
TU |
MEDI SELECT TOUR MED |
AMONGST THE HIGHEST |
|
Medium Trip |
|
|
|
|
- Young |
CAA |
TOUR MED |
AMONGST THE HIGHEST |
|
- Mature |
TU |
TOUR MED MEDI SELECT |
MIDDLE |
|
Long Trip |
|
|
|
|
- Young |
CAA |
TOUR MED MEDI SELECT |
MIDDLE |
|
- Mature |
TU |
TOUR MED |
AMONGST THE LOWEST |