Zurich and Aegon have revamped their critical illness plans, improving definitions for some of the most-claimed-for illnesses.
Aegon has simplified its heart-attack definition by removing the need for specified troponin levels. It has also removed the need for a customer to have symptoms of multiple sclerosis for three months and has introduced a carcinoma in situ of the breast definition, to replace mastectomy.
Zurich now covers the two most common forms of skin cancer and the most common form of adult leukaemia, while it has also lowered the number of months customers must show symptoms of multiple sclerosis from six to three. It now makes a full payment for loss of a hand or a foot, and will now pay out on any diagnosed heart attack showing a raised level of troponins.
Aegon has also revamped its income protection plan. As part of the changes it has increased the age limit of cover from 65 to 70 and has increased the sum assured from £130,000 to £150,000 for individuals. It has also removed all standard exclusions.
Aegon UK protection director Dougy Grant says: “As a company it’s our ambition to increase the number of families and businesses that are protected financially. The breadth and depth of the changes recognise the need for advisers to be able to create a package of high-quality solutions, within one menu plan, to make sure they can tailor their advice for the individual needs of their clients.
“The enhancements will meet that challenge and make sure that when these valuable benefits are needed the most, we’ll be there to help support them. We’ve concentrated on the top reasons for making a claim so that we can pay even more claims.”
Zurich head of retail propositions Peter Hamilton says: “These enhancements strengthen the coverage available on our critical illness product. We’ve focused on improving the definitions for the conditions customers are most likely to claim on… This should help customers better understand what they are buying and make things as straightforward as possible when they need to claim.”