Zurich updates critical illness cover
Zurich has improved its critical illness cover by reducing premiums for some policy holders and broadening the range of conditions covered.
The insurer, which paid out nearly £60 million in critical illness claims last year, said the policy revamp was “the right thing to do”.
Premiums have been reduced where exclusions apply for cancer or Multiple Sclerosis, while six new conditions have been added to the cover bringing the total number of conditions covered to 38.
Conditions added include open heart surgery and severe lung disease.
The move follows an industry-wide campaign by broker LifeSearch urging providers to cut premiums where exclusions apply.
Peter Hamilton, Zurich’s life protection management director, said the new conditions had not been added to “play the numbers game”.
“We have considered, but expressly rejected, certain conditions, such as diabetes and rheumatoid arthritis,” he said.
“The definitions currently used in the market for these conditions are restrictive and will result in very few claims being paid, but they could easily lead to customers believing their cover is more extensive than it is.”
He added: “Reducing premiums where we exclude cancer or Multiple Sclerosis is a positive change and the right thing to do.”
The updates apply to Zurich’s Level Protection and Decreasing Mortgage Plans.
Category: Health Insurance News, Insurance News, Zurich News
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