Standard Life follows Scottish Provident's lead on exclusion
Standard Life has announced plans to remove angioplasty from the list of conditions covered on its critical illness (CI) products early next year. The move follows Scottish Provident's decision to remove the condition in early November.
Both providers said removing conditions that are no longer considered as critical is crucial if they are to continue to offer guaranteed rates.
Gerry Warner, marketing development manager at Standard Life, said the removal of angioplasty was due to medical developments and a reduced risk in executing the procedure.
"Angioplasty is becoming a much more common procedure and it is no longer a critical condition. We want to continue to offer guaranteed products, particularly as demand from advisers and clients for this product is still high," he said.
Angioplasty is a technique used to open up narrowing in the artery without surgery. In recent years the procedure has become more commonplace, with little or no effect on the patient's lifestyle or independence. It is carried out under general anaesthetic and most patients resume normal activities within a few days.
The decision to reduce the number of conditions covered under both providers' CI plans has been welcomed by advisers.
Kevin Carr, senior technical adviser at LifeSearch, said: "It is far more important to have guaranteed rates that are affordable, than extra benefits and conditions that are no longer critical. It is likely that we may see the product stripped down even further and a more back-to-basics approach being adopted industry-wide."
Further change in the market is due from 23 November 2003, when Scottish Provident is set to increase premiums on its Self Assurance plan by an average of 12%. This follows Friends Provident's recent decision to hike its CI rates by between 25% and 50%, after an average premium increase of 25% in September.
