Canada Life CI add on to new individual life products a 'welcome addition' - CIExpert

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CIExpert has described Canada Life's Critical Illness (CI) add on to its new individual life policies as 'a welcome addition to the market.'

Both the CanProtect Level Term Plus and Decreasing Term Plus policies come with the additional CI cover.

Alan Lakey, director of CIExpert, said: "This plan is a welcome addition to the market as it focuses on quality rather than being cheap and cheerful.

"Also, having aligned itself with UnderwriteMe, it seeks to make the advisers underwriting and processing journey speedier and less rocky."

Initially the plans will only be available via Lifesearch, which is trialling the UnderwriteMe system which Canada Life has linked to.

The plan covers 58 conditions, 42 core conditions and 16 additional payment conditions.

Dementia, Alzheimer's disease and CJD are specifically included although dementia covers Alzheimer's and all other organic brain conditions.

The open-heart surgery definition includes surgery on a diseased pulmonary artery, which is included as a separate condition by some insurers.

Additional payments are limited to the lower of £25,000 or 25% of the sum insured and three new conditions have been introduced, Chronic Hepatitis B or C, Infective Bacterial Endocarditis and Pericarditis

Lakey added: "Whilst the plan is very comprehensive the heart attack definition is harsher than that of the best plans by requiring a specific level of raised enzymes.

"Children's cover is wide-ranging with cover included for five specific congenital conditions - muscular dystrophy, hydrocephalus, spina bifida, cerebral palsy and cystic fibrosis.

"Additionally they include a £7,500 payment if hospitalised for at least 7 days enduring mechanical ventilation plus £10,000 payable on death.

"The normal age range is 30 days to 18 years but this extends to 22 years if the child is in full-time education."

Lakey added: "Canada Life is also adopting the market-leading blindness wording as well as offering severe visual loss as an additional condition."

Further reading:

Zurich pays 92% of CI and 82% of IP claims

Aviva enhances CI cover to pay more claims

Canada Life unveils 'Simply Class' product

 

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