Scottish Equitable Employee Benefits has revamped its group critical illness product, the second product upgrade to be made since the group was rebranded from Guardian Employee Benefits earlier this year
Among the changes, Scottish Equitable is increasing the maximum free cover limit on the contract by £100,000.
Rod McCarthy, marketing actuary with Scottish Equitable, said: "We have expanded the maximum free cover level limit to £250,000 for a scheme of 50 lives or more. Essentially, this means that we will have less medical underwriting required for people taking out CI cover, especially at the top end of the scheme."
He believes that this makes it the highest free cover limit currently available on the market. Legal & General offers a similar employer paid scheme in which the maximum free cover limit is £150,000.
Scottish Equitable is also to include free children's cover on the contract of up to £20,000.
The other main modification to the product involves allowing an employee who has had a critical illness in the past to be considered for cover.
Traditionally, group CI schemes refuse to cover someone for a critical illness which they have suffered in the past.
The Scottish Equitable plan will now consider reintroducing such an employee back into the policy if they have not received medical treatment for the illness in the last 10 years, although the premiums may be higher to reflect the increased risk.
McCarthy, said: "Employers will gain reassurance from this. If the reinstatement policy is allowed then they will have full coverage for all their employees."
Scottish Equitable said that the product revamp is intended to reflect the changing needs of the employment market more accurately, where the job for life is dying out and people are moving between jobs with greater frequency.
This has made it more important for employers to offer quality benefits packages in order to attract and keep valuable employees, according to the insurer.
Other changes to the group CI contract include an increase in the total number of medical conditions covered from 17 to 25. Employers can now choose to cover any number of medical conditions from the minimum of the seven core conditions to all 25 conditions.
Scottish Equitable is also looking to offer greater flexibility to employers so that they can now choose the level and cost of cover they buy.
Last month COVER exclusively reported details of Scottish Equitable's relaunched group IP product, which includes a greater focus on rehabilitation and absence management.
