Pegasus, the market leader in Critical illness cover, has added three features to its whole of life and term products, including a buy-back and LTC option.
The buyback option will be available from 1 July. If elected at the outset, customers will be able to make a new claim after a year of suffering a different illness.
The replacement cover option covers joint life policies where, following a claim, cover ceases. It allows the partner of the claimant to begin a separate policy with no extra underwriting and for an identical sum assured. The partner must be under 55.
The LTC feature, available with new whole of life CI plans, gives clients the option to change from CI to LTC. It is based on three ADLs and covers Alzheimers, dementia and Parkinsons, as well as deafness and blindness.
Additional illnesses have been added to the Personal Term plan. It now includes bacterial meningitis and HIV from assault. The survival period has been reduced to 14 days and premiums are guaranteed for the full term.
Pegasus says that this product is particularly attractive to homebuyers. “People with mortgages are better risk,” explains Kirwan. “People are less likely to buy a house if they fear they have or might contract an illness.”