Impartial reviews on the latest products and how they can impact consumers.
September 2019 LV=: IP
LV= has launched an optional 12-month claim period option on its existing Budget Income Protection product. The main effect of this is lower premiums than plans with longer maximum benefit periods, while underwriting will be lighter too as the maximum risk to the insurer is now lower. Moreover, the new option still gives customers access to all existing LV= benefits such as parent and child cover and Doctor Services. LV= is targeting the option at budget conscious customers who want to protect their most valuable asset, which is their income. LV= also points out that, as with other benefit terms,…
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September 2019 Legal & General: CI
L&G’s latest changes to its CI plans go considerably further than the usual route of adding a bit more cover and increasing the condition count. Instead, the insurer has looked to make a number of changes to its two option level critical illness (CI) plans, to widen cover and to simplify. The key changes include: • Under the CI Extra plan, additional payment conditions now pay the lower of £30K and 50% of the sum insured instead of 25%. • The old coronary artery by-pass grafts (CABGs) and open heart surgery conditions have been combined and are now called specified…
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September 2019 HSBC: CI
HSBC’s two new critical illness (CI) insurance plans are aimed at the adviser market and both can be had with or without life cover. The plan is initially available only through the UnderwritMe system and the two plans offer: • The core plan (Critical Illness) has 38 conditions on which it pays the full sum insured. There are also additional payments on low grade prostate cancer and on carcinoma in situ of the breast. The plan also pays out on terminal illness or total permanent disability. • A higher level plan, called Critical Illness Plus, adds 11 full sum insured…
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August 2019 Aviva: CI
Aviva has made further changes to its critical illness plans. The two main changes are: • Loss of speech has been removed as a separate condition. Aviva reported that it had not paid one loss of speech claim in 15 years. • Extra Care cover has been cut to three rather than four options. Aviva’s logic is that many illnesses it covers are more likely to occur at older ages and that symptoms will typically worsen over time. So, the maximum age for specified conditions has been increased from 50 to 55. Aviva adds that by simplifying the Extra Care…
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August 2019 National Friendly: PMI
Bristol-based mutual National Friendly has upped the maximum benefit on its Optimum In/Day-Patient Plan from £250,000 to £1,000,000. In addition, new policyholders can opt to have an extended hospital list, which covers central London hospitals. According to the insurer, 48% of its current Optimum policyholders live in Greater London. The Out-Patient Plan has also been improved, giving customers a choice of either a £2,000 or £5,000 cover limit each policy year, albeit again with an increased premium. The insurer offers two private medical insurance policies and between them they cover prompt access to a GP or consultant for diagnosis, a…
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