Impartial reviews on the latest products and how they can impact consumers.
July 2022 Royal London: CI
Royal London has made a number of changes to the critical illness (CI) element of its Life or Critical Illness Cover plan. These include new and updated definitions, including changes to children enhanced critical illness cover. Two new conditions have been added - Crohn's Disease and Syringomelia/Syringobulbia – both of which have a 100% payout. In addition, five conditions have been enhanced and these also pay out the full sum insured. The five are: bacterial meningitis; chronic lung disease; coma; deafness, and third degree burns. Additional payment conditions pay out the lower of £30,000 or 50% of sum insured, and…
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March 2022 Holloway Friendly: IP
Holloway Friendly has launched My Sick Pay to replace its existing Purely, Short Term Income Protection and one2protect income protection plans. The mutual says it developed My Sick Pay to simplify its proposition from multiple products into one, making it easier for advisers to understand and advise on. It added that advisers wanted consistent options across all job types to help them set up the right cover at the right price. That meant closing some significant gaps in the plans. My Sick Pay offers a choice of level or age-based prices, short or long term pay-outs, and guaranteed or reviewable…
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March 2022 LV=: CI
LV= has launched a new version of its Life and Critical Illness cover plan, offering greater affordability and simplification compared to its existing coverage. Simply called Life and Critical Illness Cover, the plan sits alongside its existing life and CI product, and has been designed to offer a more affordable option. The new product covers a total of 41 conditions, with full payouts offered for 39 of those plus two further payment conditions for early-stage breast cancer and prostate cancer. These offer cover up to £30,000 or 25% of the amount of cover if lower. The plan also includes ‘Enhanced…
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March 2022 LV=: IP
LV’s Mortgage and Rent Cover plan is designed to protect customers’ monthly mortgage or rental payments should they be unable to work due to illness or injury. Cover is based on the customer’s monthly mortgage or rental payment and up to 100% of that can be insured. The minimum amount of cover available is £100 and the maximum is £2,000 a month. Premiums are level and guaranteed throughout the policy’s term and an own occupation definition applies. There is also a waiver of premium option. Waiting periods of 1, 2, 3 and 6 months are available. Maximum benefit period is…
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March 2022 Zurich: CI
Zurich has launched a standalone critical illness (CI) cover option for customers who do not want a CI product combined with life insurance. The insurer has also widened its Total Permanent Disability (TPD) definition, now offers standard rates for customers with some mental health conditions and has improved the wording around mental health conditions on its applications. On the new plan, both core and select levels of critical illness cover are available, providing different breadths of cover, with Select having more specified conditions. In effect, the new option allows customers to choose whether to have life cover or not, with…
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