Canada Life has introduced a number of changes to its individual CI product, which it launched in 2015. The changes include:
* A new additional payment condition pays the lower of £25K or 25% of the sum insured on diagnosis of carcinoma in situ of the cervix, carcinoma in situ of the oesophagus or ovarian tumours of borderline malignancy.
* Definition improvements for deafness, heart attack and Parkinson plus syndromes.
* For children’s cover, the maximum benefit is now the lower of £25K and 50% of the adult cover.
What They Say
Individual protection director Jon Ford said: "Since re-launching our individual protection products in August 2015 we have been undertaking a serious investment in making sure we have some of the best terms and conditions in the market and ensuring that over 80% of people can get on cover straightaway. A proactive telephone medical underwriting interview process means that even those who are not accepted immediately do not have to wait for long to get the cover they need.
"Economies of scale from our group protection business also allows us to provide some amazing support services for both our term and critical illness policies. These products provide so much more than a cheque, with benefits that can be used on a daily basis without having to make a claim. We are 100% confident that this combination of value, speed and clarity is what the individual protection market has been crying out for."
What We Say
"The changes are not massive but they are evolutionary improvements and independent analysts CI Expert say this helps the plan maintain its position towards the top of its quality tables. For those who count conditions covered (please don’t…) the plan actually now covers one fewer full condition than when we reviewed it back in 2015, but that is simply because the Parkinson definition now incorporates a number of conditions under the same heading – a much better solution for customers (and advisers).
"As before, the plan includes some useful features away from the headlines, such as having a 60 day non-forfeiture period and as range of help benefits, while there remains great focus too on helping advisers get customers on risk as quickly and easily as possible too. Canada Life has also widened its marketing (initially it could only accept business through selected firms). Overall, it says 80% of people can get cover straight away.
"Such innovation is just as, if not more important than, product design changes yet, as with all CI plans on the market, there remains some disappointment that this type of product has not materially changed in now more than 30 years. In particular the exact breadth of cover remains virtually impossible for customers to understand unless they have a particularly good understanding of medical conditions. But perhaps I’m just wanting too much. CI remains a great product – I just wish it did more."