Aviva has introduced changes to its Life Insurance+ and Critical Illness+ products.
The definitions for cardiomyopathy and spinal stroke have both been widened on the core plan. The benign spinal cord tumour definition has been widened on the upgraded adult and child plans.
On the child plan, if a child is diagnosed with cancer, a fixed payment of £50,000 is made (as it already was on some other serious conditions). Aviva will also pay a fixed sum of £10,000 on a child’s advanced illness (its term for a terminal illness). This is in addition to the £5,000 benefit payable on death.
Comment: Relatively minor changes but improvements nonetheless. The bottom line is that more claims will be paid or paid earlier than before. And that has to be a good thing – even if changes to any CI product (and we’re certainly not singling out Aviva here) effectively also mean a bit more complexity on top of an already seriously over-complex (in terms of definitions and what is and isn’t covered) product.
Plus points: A set of further CI tweaks and improvements; Especially for parents with young children; = more people with critical and serious conditions will be able to claim and so families are better protected.
Not so plus points: As with all CI plans, this still does not mean all critical illnesses are fully covered; A bit more complexity in terms of understanding exactly what is and isn’t covered (criticism common to pretty much ass CI policies).
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: CI; Aviva