Aviva Critical Illness plans
Aviva has introduced a range of positive changes to its existing critical illness plans. The changes include:
Critical illness cover is now an option within the Family Income Cover plan.
Maximum age at entry has been increased to 64 (previously 59) and total and permanent disability and waiver of premium are now available up to age 70.
Maximum cover has been increased from, £2m to £3m (£2m with TPD).
The maximum term is now 50 years.
A slicker, quicker quote and apply system, called Aviva Life Protection Solution (ALPS).
The Life Insurance Options policy includes life cover, life change benefit, separation option and house purchase cover as standard. Critical illness cover, waiver of premium, increasing cover, conversion/renewal options and total permanent disability cover are available as options.
The Critical Illness Insurance Options plan is the standalone CI plan.
Carcinoma in situ of the breast and low grade prostate cancer have been added as additional payments, paying out the lower of 25% of the sum insured or £25,000 in the event of a claim.
Customers can claim online, by phone or post.
Comment: Aviva says its recent changes are its biggest ever changes to protection. Certainly, it has taken a comprehensive approach to updating, adding and changing definitions, increasing some age ranges and bringing its range of protection plans together under the ALPS banner. As well as making a more coherent range for customers, that also makes life easier for advisers.
Aviva is probably now the best known name in protection insurance, with its brand values also helping to sell its proposition.
Plus points: Comprehensive update including new conditions covered, better age ranges, 50 year maximum term and higher maximum sum insured; CI also now available on Family Income Cover; ALPS brings together the protection product range and includes a slicker and quicker quote and apply system; the Aviva brand is big and powerful .
Not so plus points: As with all other CI plans, the definitions get ever longer; Some competitors may have wider cover in some areas (or less in others) so making direct comparisons is difficult.
Website: http://www.aviva.co.uk.
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: CI; Aviva