Zurich has undertaken a thorough review of its CI offering and, as a result, has updated 50 conditions and now covers a total of 85 conditions. One of main areas of attention has been cancer (it paid out almost £50m in cancer CI claims last year and the conditions accounted for over half (59%) of all its CI claims.
Now, as well as the main cancer definition, Zurich also offers additional payments for 22 less advanced cancers, including skin cancer. It has also simplified the wording on its main cancer definition and has included an additional other cancers in situ definition to catch what it says are all other known early stages of the disease.
Additional payouts pay out the lower of 20% of the sum insured or £15,000 and do not reduce the plan’s full sum insured, with no restriction on the number of such claims that can be made either.
After cancer, heart conditions are the next most common claims head, making up 20% of Zurich’s CI claims last year. Zurich has strengthened its cover in that are by now covering nine specific heart related conditions.
In total, Zurich now covers 58 conditions (up from 58, including 32 additional payments (up from 12) and 19 conditions are now ABI+ or exceed the recommended industry wording. Zurich says it has also simplified its policy wording and removed some claim requirements from key conditions.
What They Say
Head of retail propositions Peter Hamilton 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."
What We Say
"An indication of just how complex CI cover is these days is the fact that Zurich has updated no less than 50 of its definitions (is this a record?) and that it now covers some 85 conditions in total (up from 58 previously).
"That does not make your job as advisers any easier but it does improve the breadth of cover for your clients. By how much? Ah, we’re never told these things, but any extra cover must be good news – assuming there is no corresponding increase in price
"Reassuringly too, Zurich says it has simplified its policy wording and also removed some claim requirements. It’s good too to see an insurer proudly boasting of how much it pays out on claims too – ultimately that’s more important for clients than saving a penny or two on premiums."