PruProtect Serious Illness Cover (SIC) will now cover all heart attacks, strokes, insulin dependent type 1 diabetes for adults, and an extended age for children covered.
Cover, which will be on PruProtect's systems on September 23, will also now include a SIC booster which will pay up to 200% of the original sum assured on certain conditions.
Comprehensive SIC now covers 166 conditions, including more cancers than any other insurer. 102 conditions are now covered under its Primary SIC.
Announcing the changes, PruProtect said SIC customers are up to twice as likely to get a payout than with a market leading critical illness policy.
Details include:
• A pay out on diagnosis of carcinoma in situ cancers in all areas of the body and diagnosis of some non-melanoma skin cancers. Typically, insurers only cover these early forms of cancer in specific areas of the body, such as the breast and the testicles, and only tend to pay out if the client has had surgery or invasive treatment.
• A pay out on diagnosis of all heart attacks and strokes, regardless of clinical symptoms or severity. PruProtect will be unique in paying out on diagnosis of these two conditions and makes a payout for heat attacks , according to PruProtect, 45% more likely and 100% more likely for strokes.
• Insulin dependent diabetes (type 1) is now covered for adults. PruProtect will again be unique in protecting all adults for this illness.
• Children's cover has been extended to include children from the age of one month to 23 years, providing they remain in full time education. Previously children were covered between the ages of 3 months and 18.
Commenting on the changes, Emma Thomson, life office relationship director at protection intermediary LifeSearch, said: "I think there will be a lot of worry amongst other providers. They will be looking to increase their partial payments in order to compete, which would put them in comparison with Vitality."
The PruProtect SIC Booster increases the amount paid out on a claim if the condition is identified as having a long-term physical impact. These claims will be paid at between 100% and 200% of the original sum assured, or boost what would normally be a smaller claim under a severity payment to a full sum assured claim.
The amount paid depends on the condition being claimed for and client's age at the time of claim. If a claimant has dependent children on their cover, the payout is boosted even further.
Deepak Jobanputra, product and actuarial director at PruProtect, said that, due to medical advances heart attacks, cancers and strokes were increasingly moving from the acute into the chronic categories.
However, he added: "When people take out a policy they expect to be covered for cancer and heart attacks, no matter how severe. When they hear the diagnosis they only hear ‘cancer' or ‘heart attack' the severity is not really an issue at that stage, they feel they should be paid out.
"We've listened to advisers and consumers. We have also updated our cover to give people a greater payout if their condition will have a long-term impact on their health, giving them more financial security to help deal with a life changing illness."
