Impartial reviews on the latest products and how they can impact consumers.
July 2016 Friends Life: CI
In its latest round of updates to its critical illness insurance (CI) plans, Friends Life (now part of Aviva) has added a first to market benefit called Extra Care Cover. Extra Care Cover pays a cash lump sum of £50,000 and is in addition to the plan’s main sum insured. The benefit pays out where the customer either: Meets the CI definition for loss of independence (or is diagnosed with dementia; Parkinson’s disease or motor neurone disease under age 50), or Is diagnosed with locked in syndrome, permanent vegetative state or minimally conscious state before the first anniversary of meeting…
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July 2016 Bupa: iPMI
Back in 2014 Bupa Global and Blue Cross Blue Shield Association (BCBSA) announced they were teaming up to give access to the largest network of healthcare providers worldwide. Now, From June 2016, they have launched their first jointly branded range of tiered international private medical insurance (iPMI) products for those living in Jersey, Guernsey and Gibraltar. The launch involves five product options – Select, Premier, Elite, Ultimate and Major Medical. The range is tiered on coverage and price, which the organisations say is based on an ‘extensive international customer insight exercise’, which was carried out over a 12 month period.…
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July 2016 British Friendly Society: IP
Income protection insurer British Friendly launched its new brand in May and has introduced a range of updates to its proposition including: More deferred periods on its short term income protection products. Customers can now choose 1, 4, 8 and 13 week deferred periods – the widest range available for 1, 2 or five years plans British Friendly says. A death benefit of six months’ payments. An immediate acceptance application process through the insurer’s online system. British Friendly now offers three main types of income protection cover: BFS Long Term Protect. Pays up to 70% of taxable income up to…
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July 2016 Legal & General: IP
Legal & General (L&G) has introduced three important updates to its existing IP plan: A new two year benefit period plan is now available. This option allows customers to choose a more affordable IP option and replaces the previous five year benefit term option. Multiple claims are possible, and each one is limited to two years’ payout. The maximum insurable benefit has been raised to 60% of the first £60,000 of gross annual income. In addition, 50% of income in excess of that can be insured too. A Price Beater service has been introduced across L&G’s income protection and other…
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July 2016 Aegon: CI
Aegon has made a number of changes to its existing critical illness (CI) cover. These include a new £2,500 payment for a living donor customer to donate a kidney, bone marrow or a portion of lung or liver to a family member, which Aegon says is an industry first. The full update includes: Adding three new definitions. These are Parkinson plus syndromes, Spinal stroke and Neuromyelitis optica (Devic’s disease). Adding six additional critical illness definitions (partials). These are: Borderline ovarian tumours (low malignant potential) – requiring surgery to remove an ovary. Carcinoma in situ of the oesophagus – requiring surgery…
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