Vitality has introduced or is introducing a number of changes across its product range, and this review looks at the changes to the Serious Illness product.
Amongst the changes are four new conditions:
• Desmond-type fibromatosis.
• Myasthenia gravis.
• Necrotising fasciitis.
• Severe sepsis.
Changes have also been made to a number of conditions’ definitions, including:
• Heart attack.
• Motor neurone disease.
• Brain and spinal tumour.
• Third degree burns.
• Guillain-Barre Syndrome.
• Children’s TPD.
• Children’s cover. Included is a new children’s hospitalisation benefit (which pays £100 a day for 14 or more consecutive nights up to £3K max) and cover for type 1 diabetes.
• Waiting lists. On some 23 conditions that require surgery, the plan will now pay out on admission to an NHS waiting list rather than the customer having to wait for the surgery itself before being able to claim.
• Booster. This allows the payment percentages on certain conditions to be increased to 100% payout.
Comment: Vitality has long pushed the envelope on what CI plans should offer, with both full payout and severity based payouts. That makes for very comprehensive cover, albeit at slightly greater cost and at the risk of added complexity.
These latest changes continue that process – with new conditions added and others improved.
It also means a little more complexity but to an adviser that regularly recommends its products, and likes its approach, that’s not really an issue. However, not every adviser buys into the Vitality approach and more complexity and a slightly higher premium for wider cover won’t appeal to everyone.
Plus points: More conditions covered; Some conditions improved; Especially children’s cover; On 23 conditions, payout is now on being admitted to an NHS waiting list.
Not so plus points: More comprehensive cover always costs a bit more; Some additional complexity; Not every adviser buys into the Vitality approach.
Rating (max 10): Overall: 8.5. Gold
Tags: CI; VitalityLife
I Mark: No