CIS is set to launch into the critical illness market this year in what will be its first health ins...
CIS is set to launch into the critical illness market this year in what will be its first health insurance product launch, writes Leo Bland.
The life office, which has around 3.3 million UK families as clients, is aiming to offer critical illness cover to its existing customer base as well as new policyholders.
Russ Brady, communications manager at CIS, said it is likely that the life office will launch different products to suit policyholders of different socio-economic profiles in its customer base. For example, CIS has around 500,000 AB customers as well as many customers in lower income groups.
Brady said: 'The spread of our customer base is such that we would have to look at different variations of critical illness products to suit our different types of customer.
Critical illness sales have outstripped income protection new business over the last few years, with the policies regarded as easier to sell, with many consumers more able to imagine suffering a serious illness than being unable to work for a long period.
The move comes a year after CIS unveiled a level term assurance plan aimed particularly at parents with young children. For
a policyholder aged 30 next birthday taking out £50,000 worth of cover over 20 years the policy was charging £8 per month in premiums at launch. For £100,000 of cover over 10 years the premium was £12.40 per month.
The life office also offers an income benefit policy, providing families with a regular tax-free income rather than a lump sum death benefit.
