AIG Life Critical Illness with Term Assurance
AIG has updated its CI plan, introducing a number of improvements and changes including:
The plan now covers ‘more cancers than ever before’, including less advanced cancers such as skin cancer and cancers in situ.
Greater emphasis has been placed on children’s CI cover to give families more support. The plan now provides an additional payout on diagnosis of Down’s syndrome and diabetes mellitus Type 1 for children (both of which are unique to AIG Life it says). The plan also pays out on diagnosis of cerebral palsy, cystic fibrosis, muscular dystrophy, spina bifida or to meet a child’s requirement for intensive care.
A child death benefit of £5,000 is payable.
Access to the Best Doctors second opinion service has been extended for the insured person for three years after they have claimed the sum insured, so enabling them to receive important support during any treatment.
Comment: AIG Life’s latest changes focus on children’s benefits. Given that many first parents are now older and probably more aware of the risks and given the importance of supporting the family not just the individual that makes sense. Children’s benefits have to be limited to some extent – partly to avoid the risk of parents harming their children (not something any of us like to think about but where an insurer’s wider responsibility extends beyond just what a parent might want to have as cover). AIG has trodden a careful lines to appeal to and help reassure parents and to introduce wider changes to its plan too.
Plus points: CI changes with a focus on children’s benefits – making it arguably a more family friendly product; Includes child’s death benefit (valuable, as the State Bereavement Payment of £2,000 is only payable on the death of a spouse or partner and other funeral benefits are generally means tested)’ Comprehensive number of CI conditions covered; Best Doctors now extends three years beyond claiming.
Not so plus points: A relatively minor update; The focus on children is only of interest if the customer has or expects to have children; As with all CI plans covers most but not all critical illnesses.
Website: http://www.aiglife.co.uk.
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: CI; AIG Life