Advice Pool - Insurance

Everybody knows that smoking can damage your health, and with the increasing cost of cigarettes, everyone knows it will also damage your wealth, but the financial cost when

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

it comes to taking out life insurance may not be truly understood.

Over 2 months ago the smoking ban came into effect for all public places in Scotland, with similar plans

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

Examples of combination products may in

or the rest of the UK, and along with the ban the sales of nicotine patches and gum have rocketed.

A standard life insurance policy through one of the high street insurers

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

uch as Barclays insurance reveals that smokers are liable to be paying almost twice as much

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

as an identical non-smoker. For example, a 20 a day male smoker, aged 35 next birthday, taking out ?100,000 cover for 20 years would have a premium, after tax relief, of ab

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

Combination pro

ut ?7.55 a month. An identical smoker would be required to pay ?13.39 per month for the same cover. Searching through most of the UK providers using a

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

"http://www.moneynet.co.uk/insurance/life-assurance/life-insurance-free-quote-form.shtml">insurance comparison site like Moneynet also provides similar results. This re

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

resents a massive difference across the life of a full policy,

Due to the higher profile which currently surrounds the subject of smoking, which has occurred recently thank

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

to the ban, many insurance companies are looking to receive a large number of requests from reformed ex-smokers asking for re-quotes to be carried out on their existing pol

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

cies. It is important to note however that to be considered as a non-smoker by most insurance companies, ex-smokers need to have refrained from any tobacco products for ov

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

r 12 months, and will probably be asked to take a simple and completely painless cotinine test.

James Yerkess, the head of Tesco Life Insurance said: "The link between smok

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

Following aspects would a

ng and early death is clear and well documented in life insurer's claims statistics”, however, “Many people aren't aware that they can ask their life insurer to re-quote the

dd to the challenges in developing combination products:

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

r policy if they have stopped smoking for thirteen months or more. It's surprising that more companies don't seem to shout about it."

To take advantage of the potential inc

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

ease in the numbers of ex-smoking customers, Tesco has announced a 'quit for life' promise. This is a guarantee to reduce the premium of reformed smokers to that of a non s

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

oker after a period of thirteen months as long as the policyholder's general health hasn't deteriorated and they still pledge that they will continue to remain a non-smoker.

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

Research manager Amanda Sandford from the anti-smoking group, ASH stated, “We welcome any measure that encourages smokers to quit for life.” She believes that the promotion

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

Professional from academic institutions, pharmaceutical industries, health care indust

of non-smoking attitudes by life insurance companies, “Clearly highlights that stopping smoking not only benefits your health but also your wallet." Disclaimer: All info

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

mation contained in this article, is for general information purposes only and should not be construed as advice under the Financial Services Act 1986. You are strongly a

.

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

vised to take appropriate professional and legal advice before entering into any binding contracts. Useful resources: Barclays elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

om/iapp/part_00.php">insurance
Moneynet insurance comparisons

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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Advice Pool - Quit Smoking to Become Healthier, Wealthier and Wiser

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