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Guardian to launch combined life and CI cover

Policy provides a single payment to protect a mortgage

Protection provider Guardian is launching a combined life and critical illness (CI) policy later this month to add to its standalone life and CI products.

The combined offer gives people access to protection with a single payout. A claim can be made in the event of the policyholder’s death or diagnosis of a critical or terminal illness, whatever comes first.

Katya MacLean, Guardian’s interim chief executive, said the new cover was requested by the provider’s mortgage partners. She claimed that because it pays out just once, Guardian is able to offer it more competitively than standalone options which have the possibility of multiple payouts.

Jeff Woods, campaigns and propositions director at Sesame Bankhall Group, said: “It’s great that Guardian is now offering a combined product at a competitive price and it’s certainly going to be appealing to our advisers.”

Ian McKenna, director of F&TRC and founder of Protection Guru, said Guardian’s standalone life and CI cover represents excellent coverage for people looking to protect their lifestyle and maintain flexibility for the future, however for some clients a single payment to protect their mortgage is enough to give them peace of mind.

“With the changes announced today, Guardian’s expanded portfolio of products allows more advisers to meet their clients’ family and mortgage protection needs,” he stated.

Guardian has also made some enhancements to the CI definitions across its portfolio, which will be available to existing customers. They include three new full payout conditions – gastro-intestinal stromal tumour, neuroendocrine tumours and ulcerative colitis; improvements to definitions such as cardiomyopathy, intensive care eligibility, low grade prostate cancer and Parkinson’s disease; and extending the maximum age for children’s CI cover to 23. Alan Lakey, director at CI Expert, said: “Cover upgrade is one of Guardian’s real USPs and I strongly believe it will enhance consumer confidence and help repair the reputation of the industry.”