• The most comprehensive range of critical illness definitions in the market
• A focus on cancer, heart and neurological disorders
• 50 definitions updated, 85 conditions now covered
Comprehensive cancer cover
Cancer accounted for 59 per cent of critical illness claims in 2015, triggering payments of over £48.3m. The insurer is now offering additional payments for 22 less advanced cancers including skin cancer. It is also simplifying the wording on its main cancer definition and including an additional ‘other’ cancer in situ definition to catch all other known early stages of the disease.
These additional payments mean that eligible customers diagnosed with less advanced cancer will benefit from a pay-out of 20 percent of their sum assured or £15k, whichever is lower. Early payments do not reduce the full sum assured, and there is no restriction on the number of claims that can be made.
These changes mean that customers will be covered for all invasive cancers and the vast majority of early stage cancers.
Heart conditions
After cancer, heart related illnesses were the second most common reason for claims last year accounting for 20 per cent. Zurich has strengthened cover to include nine specific heart related conditions. It has also updated its policy terms bringing diagnoses in line with the latest medical practices, making it easier to claim for conditions including heart attack as well as heart surgery.
Neurological conditions
With neurological diseases being the third most common reason for claims, Zurich has updated 13 definitions including Stroke and Multiple Sclerosis which now pay out on diagnosis, without needing ongoing symptoms.
In total, this means the number of conditions now covered by the product has increased from 58 to 85, while those that qualify for additional payments have increased from 12 to 32. Nineteen of the illnesses covered are ABI+ or exceed recommended industry wording.
As well as simplifying policy wording and removing claim requirements for key conditions, Zurich has grouped 13 complex diseases under three broader definitions to ease customer understanding. These cover Dementia including Alzheimer’s disease, Motor Neurone disease and specified diseases of the motor neurones, and Parkinson’s plus syndromes.
Peter Hamilton, Head of Retail Propositions said: “We are immensely proud of our claims record with the vast majority paid quickly - in 2015 we paid out over £65.4m in critical illness payments alone. With these changes to our product customers can be even more confident that claims will be paid.
“We're making a broad range of improvements to the quality and breadth of our product enabling us to cover the most comprehensive and claimed for range of conditions in the market. Critical illness cover is here to help people who suffer life changing illnesses and with these enhancements even more customers will receive the invaluable financial support at the time they most need it."
Emma Thomson, Chair, Protection Distributor Group said: “We welcome these enhancements. We're pleased to see improvements to definitions, wider coverage and a desire to provide greater clarity to clients about illnesses covered. These changes will benefit Zurich customers and we hope it will help move the market further forward.”
Ian McKenna, Director at Finance & Technology Research Centre said: "As medical science advances it is important for critical illness policy wordings to evolve. Advisers need to be confident that plans will adapt to meet changing consumer needs. The work Zurich is doing to make wordings future proof and easier to understand is a positive development that can help deliver better customer outcomes.
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