Royal London has introduced a number of updates to its CI plan including:
* Improvements to the cancer cover. Over 60 early stage cancers are now covered and clarity has been improved by removing a long list of specified cancers. Now, the insurer will pay a partial payment of the lower of 25% of the sum insured or £25,000 for:
* Carcinoma in-situ (other).
* Skin cancer.
The other additional cover definitions are for:
* Coronary angioplasty.
* Central retinal artery or vein occlusion which results in permanent visual loss.
* The survival period for CI and children’s CI cover has been reduced to 10 days from 14 days, which means more claims can be paid and faster.
* In addition, some definitions have been updated or added:
* A new Parkinson definition now includes Parkinson plus syndromes that incorporates multiple system atrophy and progressive supranuclear palsy.
* The motor neurone disease definition has been updated to include Kennedy’s disease. This change makes the definition ABI+.
In total, Royal London now covers 57 definitions – of which 43 pay the full sum insured. The other 14 (of which nine cover early forms of cancer) pay a smaller but still valuable amount. Seventeen of the conditions covered are now ABI+ definitions.
What They Say
Head of protection, Debbie Kennedy, said: “Medical advances mean cancer is often being diagnosed and treated earlier. Therefore more people require support at the early stages following a cancer diagnosis. We’ve enhanced our critical illness cover to provide financial support and our Helping Hand provides emotional support whenever the customer needs extra help. Cancer was the top reason for critical illness claims last year and by covering over 60 early stage cancers, Royal London is demonstrating its commitment to paying more claims and including conditions that matter and really do add value for our customers.”
What We Say
"We are now used to insurers regularly updating their CI policies and though, on one level, the never-ending chase to appear to be offering more cover can become tiresome, it does at least mean customers are being offered better cover.
"In Royal London’s case it has done some tidying up of definitions too so, for example, the new Parkinson plus syndrome definition includes conditions that were previously separately defined. Adding an ‘other’ suffix for carcinomas in situ also simplifies cover too. Moving from a 14 to a 10 day survival period removes the risk of a plan not paying out to someone who is very seriously ill, although the principle still remains that if cover is needed for death, then life rather than CI cover is needed.
"All in all this is a useful round of changes that should be welcomed by advisers and customers alike."