April UK’s new Lifestyle Protector plan includes the following key benefits:
* No medical underwriting at outset. Instead there is a rolling two-year moratorium and a simplified application process.
* No proof of earnings is required, either at point of sale or as part of the claims process.
* No premium age increases. The age at which a person takes out the policy is the age on which the policy premium will always be based, not increasing as a result of someone getting older.
* No exclusions linked to occupation or sporting activities. The plan is available to all individuals who are employed for a minimum of 16 hours a week, or who are self-employed, regardless of their occupation. Age range is 18-64 at outset and customers must be resident in the UK, Isle of Man or Channel Islands.
* Customers can choose a monthly insurance benefit of £300 up to £1,500. This can be paid for up to 12 months, with back-to-day-one waiting period choices of either 14 or 30 days.
* Hospitalisation benefit of £30 to £150 a day if hospitalised for more than 48 hours. The benefit paid is 10% of the chosen accident and sickness monthly benefit and is payable for up to 30 days a year.
* The plan also includes the Best Doctors service.
* Optional add-ons include £10,000 of critical illness cover or life insurance. Monthly unemployment benefit can be added (unless self-employed or not having been working continuously for 12 months before the policy start date). The critical illness conditions covered are cancer; coronary artery by-pass grafts; heart attack; kidney failure; major organ transplant, and stroke.
A 60 day initial exclusion period applies for the sickness and unemployment benefits. Other exclusions include self-inflicted conditions, HIV etc, normal pregnancy and drug addiction/alcohol abuse. Backache, whiplash and any emotional or physical condition, depression, stress or mental disorder are excluded unless there is clear medical evidence or under specialist psychiatric care. Pre-existing conditions are excluded until symptom and treatment free for two complete years.
Premiums start at £2.29 a month per £100 of monthly benefit.
What They Say
Business development director, Isaac Lam, said: “We set out to create a simple, inclusive protection solution that would appeal to a wide audience. With the Lifestyle Protector, we believe we’ve achieved this, offering essential accident and sickness cover at competitive prices”.
What We Say
"Annually or monthly renewable general sickness and accident insurance has been more popular than long term income protection in the past, and one reason for that is the relative lack of upfront underwriting, which makes such cover so much easier to buy.
"April UK has extended this approach, offering a simple to buy plan that is available regardless of occupation and where the premium does not go up with age. The downsides include monthly renewability (premiums and cover can be changed at just 30 days’ notice) and 9.5% Insurance Premium Tax on premiums (as with other general insurance policies).
"Also on the plus side is optional CI (a small number of conditions only are covered and there is a fixed £10k benefit), life insurance (also £10k) and unemployment insurance. Maximum benefit is just 12 months, although useful hospitalisation and Best Doctor benefits are included as standard.
"Overall, if you’re looking for this type of cover, the plan has much to commend it. Its’ limited benefits have to be balanced against useful optional and built-in extras and ease of buying, but don’t expect cover to be as long lasting as long term income protection offers."