Aegon has introduced a number of updates to its existing critical illness (CI) cover including a unique £2,500 payment for a living donor customer to donate a kidney, bone marrow or a portion of lung or liver to a family member. The full update includes:
* Adding three new definitions – Parkinson plus syndromes, Spinal stroke and Neuromyelitis optica (Devic’s disease).
* Adding six additional critical illness definitions (partials):
* Borderline ovarian tumours (low malignant potential) – requiring surgery to remove an ovary.
* Carcinoma in situ of the oesophagus – requiring surgery to remove the tumour.
* Carcinoma in-situ of the testicle – requiring surgery to remove at least one testicle.
* Carcinoma in-situ of the urinary bladder.
* Central retinal artery occlusion or central retinal vein occlusion (eye stroke) – resulting in permanent visual loss.
* Donor cover.
* Improving two definitions to make them ABI+: Deafness by lowering the decibel level to 90; and motor neurone disease by adding Kennedy’s disease.
* Changing four existing definitions: Benign brain tumour; coronary artery bypass grafts; dementia including Alzheimer’s; and heart valve replacement or repair.
* Improving the payout of up to 25% or £25,000 for the following additional critical illness definitions: Crohn’s disease – with specified severity; partial loss of sight – permanent and irreversible; and ulcerative colitis – treated with total colectomy.
* Removing the exclusion for carcinoma in situ of the breast.
* Removing three definitions and incorporating them into other existing definitions: Alzheimer’s; multiple system atrophy; and progressive supranuclear palsy.
In addition to the changes for CI cover, Aegon has also made changes to its life protection cover:
* Increasing the age when life protection ends, raising it from 85 to 90 years old.
And changed its income protection cover too by:
* Increasing house person’s cover to £1,500 a month.
* Increasing career break cover to £1,500 a month.
* Changing the doctors’/dentists’ occupation classifications.
Earlier, in April, Aegon added a health and wellbeing support service for its protection insurance customers, offered through partner Health Assured.
What They Say
Aegon spokesman Dougy Grant said: "For years we’ve provided our customers with CI cover for major organ transplants. But it’s important to recognise that living organ donors can experience a similar recovery period and physical as well as financial struggle as the person receiving the transplant. Giving an organ to a family member is a major decision and people will not be motivated by the money, but extending the coverage means donors will now benefit from some financial support to help them through their recovery after the operation.
"In recognition of the increasing likelihood of people getting cancer and living with it for longer, seven of the 60 definitions are now cancer related. We hope this will help people focus on beating the illness free of financial worry.
"Collectively the changes to critical illness, life and income protection put us in a better position to help our customers and pay more claims."
What We Say
"Aegon has introduced quite a few changes to its CI cover and that adds up, essentially, to being able to pay out in more cases than before.
"Perhaps of most interest is the new benefit for organ donors. Not because the amount is large [it’s just £2.5k] or that it’s especially generous [it does not cover stranger donations for example] but because it’s a good example of how insurers are ‘warming up’ their protection insurance benefits. In other words, it’s not a simple cold financial payment but an example of how insurers want to be seen as being on the side of the good guys and, especially where that involves the family, that can be quite a powerful driver. And such drivers are necessary if CI want to build up again to the sales levels we saw a decade ago.
"Overall, these are very welcome updates [IP and life cover has been improved too] from a provider that looks to be on the up."