CIExpert has analysed Friends Life's latest critical illness saying it has provided a 'riposte' to AIG's challenge to be the top CI provideer.
Friends Life has added a unique condition to its critical illness plan. Called Extra Care Cover it provides a riposte to AIG, which, last December, challenged Friends perceived position as top critical illness provider.
This new condition is not available within the children's critical illness cover.
New condition: Extra Care Cover
Extra Care Cover provides an additional fixed payment of £50,000 per policy if one of the following five events occurs:
1) If the insured is diagnosed as suffering Loss of Independent Existence
2) The insured is diagnosed, before the age of 50 with dementia, motor neurone disease or Parkinson's disease, or;
3) If, within one year of being diagnosed and successfully claiming under a Friends Life critical illness plan, the insured is diagnosed as suffering from locked-in syndrome, a permanent vegetative state or a minimally conscious state, or;
4) If, on the first anniversary of a successful critical illness claim with Friends Life, the insured is diagnosed with severe permanent heart failure measured as Class IV of the NYHA classification code and has a permanent, irreversible ejection fraction of 39% or less, or;
5) If, on the first anniversary of a successful critical illness claim with Friends Life, the insured is unable to perform at least three of the six activities of daily living without third party assistance even with the use of routine medical equipment.
The six Activities of Daily Living are:
Washing
Dressing
Feeding
Continence
Moving
Transferring
CIExpert verdict
Alan Lakey, director of CIExpert said: "Friends Life's initiative is novel in that it provides added benefits for customers who have already made a successful claim. It recognises that post-claim levels of health can continue to deteriorate which often creates additional financial pressures.
"Friends Life policyholders will benefit from this financial boost and this underlines its continuing commitment to quality rather than playing the condition numbers or the cheapest premium game."
