Aviva's latest changes to its critical illness (CI) policy has bought it into line with ‘market leaders' Friends Life and Old Mutual Wealth, CIExpert has said.
Alan Lakey, director of CIExpert said: "Aviva has applied a major revamp to its protection offering with improvements to critical illness, income protection and life products.
"In respect of its critical illness plans the following improvements are of note:
"Two of the additional payments conditions - carcinoma in situ of the breast and early stage prostate cancer - have been upgraded to the lower of £25,000 or 25% of the sum assured. Previously the payment was the lower of £20,000 or 20% of the sum assured."
Unlike most competitor companies Aviva's early stage prostate definition does not exclude treatment by cryotherapy or ultrasound, which widens the potential for a successful claim.
Family Income Cover
Critical illness is now also an option within the new Family Income Cover.
The maximum age at entry has been extended to 64 from the previous 59 and total & permanent disability and waiver of premium are now available to age 70.
Additionally, Aviva has increased its maximum case size from £2m to £3m.
Aviva offers its products via advisers and a number of tied agents such as the AA. The improvements highlighted will ensure that its product remains attractive to advisers who are looking for a hybrid of quality and low premium.
‘Overall the industry has improved’
As part of serious illness cover
With child cover enhancements
£570 a month benefit