Zurich has enhanced its Critical Illness (CI) product including improved protection for patients with breast cancer and partial payments on 6 medical conditions.
The introduction of partial payments means eligible customers diagnosed with critical illnesses covered by the product will benefit from a pay-out of 20% of their sum assured or £15K (whichever is lower). A successful partial claim will not reduce the customer's sum assured.
Customers with breast cancer will have access to flexibility over treatment options in terms of how this will impact on a partial claim. For instance, they can make a partial claim if their treatment is a lumpectomy just as they would for a mastectomy.
In addition, the partial payments are not restricted to claims for Ductal Carcinoma in Situ but instead cover all carcinomas in situ of the breast.
Zurich has also increased the number of conditions covered from 40 to 48 with 10 ABI+ definitions. These conditions also apply to children who receive free cover under their parents' plan.
Peter Hamilton, head of retail propositions, UK life said: " Last year, cancer was the most common reason for CI claims from our customers and over a third of these were for breast cancer, triggering pay-outs amounting to around £12m.
"Even though the vast majority of people with breast cancer now survive, with treatment for the condition continually evolving, we know from experience that the impact of a diagnosis and treatment can be devastating.
"We feel that the changes we have introduced provide the right level of cover, adding real value, and we hope reassurance to our customers."
Alan Lakey, partner at Highclere Financial Services said: "The CI market is polarising whereby insurers are falling into one of two camps. The first, where a basic plan is marketed, generally via a tied salesforce and the second, where the insurer uses intermediaries and seeks to offer added value.
"Added value is most easily identified by increasing the numbers of critical conditions, going beyond the ABI model wordings and including partial payments for higher risk conditions.
"Zurich falls into the latter category and its revamped plan includes eight new conditions of which six provide partial payments up to £15,000. These improvements, allied to Zurich's keen pricing, positions them as a value-for-money choice for discriminating advisers".
