CIExpert gives thumbs up to L&G CI improvements

clock

Critical illness insurance database CIExpert has released an analysis of Legal & General's alterations to its critical illness products.

Alan Lakey, director at CIExpert, said of the changes: "This confirms L&G's commitment to being a major player in the quality end of the adviser market."

Changes include:

Indexation: Now available as an option on level term and also stand-alone critical illness plans and Total & Permanent Disability is now optional having previously been included automatically.

Both changes, said CIExpet, bring the insurer in line with the majority of their competitors.

Major Organ Transplant; The ABI model claim definition has been enhanced to include transplant or waiting list approval for a lobe of liver and has also extended the waiting list to incorporate the Channel Islands and the Isle of Man.

Lakey noted that around 20% of liver transplants are lobe only so this is a worthwhile uplift.

Cardiac Arrest with defibrillator insertion; This is an additional condition and L&G joins Ageas Protect and Friends Life which already cover this treatment.

Accidental Hospitalisation Benefit; This is another new condition which pays out £5,000 if the insured spends 28 consecutive days in hospital due to a physical injury.

Lakey said: "L&G joins Bright Grey and Scottish Provident in including this form of cover although both of these companies pay the lower of £15,000 or 20% of the sum of insurance."

Children's Cover

a) Policyholder will be paid £5,000 if the child spends 28 consecutive days in hospital due to a physical injury which does not result in a critical illness claim.

b) Policyholder will receive £4,000 towards funeral costs if a child dies. This will not apply if due to a pre-existing condition or if a children's critical illness claim has been paid.

c) If a critical illness claimant uses a registered childminder whilst recovering the plan will pay up to £1,000 towards the cost.

d) Up to £100 per night (maximum £1,000) will be paid for family accommodation for each night a child spends in hospital following diagnosis of one of the critical conditions.

Lakey said: "This essential component of their plan has been dramatically improved. Approximately 4% of all claims are in respect of children so these enhancements carry great worth."

Maximum Age at Outset; Currently policies must be taken out before age 59 or 62, depending on the contract. These have been extended by 5 years to 64 and 67.

"This extends their age-range coverage beyond all their competitors bar Scottish Provident," said Lakey

More on Critical Illness

CIC knowledge gap widening: Vitality

CIC knowledge gap widening: Vitality

Nearly half of those covered not aware of claim conditions

Cameron Roberts
clock 27 March 2024 • 1 min read
Half of CIC policyholders unaware of claimable conditions: Vitality

Half of CIC policyholders unaware of claimable conditions: Vitality

Lack of awareness around Crohn’s diagnosis payout

Jaskeet Briah
clock 07 March 2024 • 2 min read
As seen on TV

As seen on TV

More focus needed on consumer CI awareness

Alan Lakey
clock 23 February 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read