ProtectionAug 19 2016

Product review: AIG Key3

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
Product review: AIG Key3

AIG Life has released a streamlined critical illness product that issues payouts for cancer, heart attack, or stroke diagnoses.

Key3 Critical Illness Insurance is designed to provide consumers with cover even if they are already in possession of life insurance. It is in line with AIG’s critical illness cover, offering access to AIG Life’s Claims Support fund up to £300, which helps facilitate things including hospital trips, physiotherapy and counselling if the consumer is eligible.

Aimed at those who are either new to the world of insurance, or looking for affordable insurance options, Key3 offers a range of plans for buyers to choose from including level, decreasing and increasing term assurance, as well as access to medical advisory service Best Doctors.

The product is available to clients aged between 17 and 75. Some clients may also be given the option to include a waiver of premium.

The product has been launched following research conducted by AIG, which revealed that cancer, heart attacks and strokes account for almost 80 per cent of claims – as well as being the most feared conditions among consumers. Numerous buyers expressed interest in a more specified critical illness product aimed at covering the aforementioned conditions.

www.aiglife.co.uk

Comment

An affordable cancer-, stroke- and heart attack-focused critical illness product sounds like the perfect means of addressing the gap in the market for younger and less financially stable consumers.

Additionally, with costs for the Key3 with Life Cover scheme anticipated to be about 20 per cent cheaper than AIG’s comprehensive Your Life plan, Key3 seems to offer a real alternative for those who wish to expand their existing coverage for a reasonable price, or have yet to seek out critical illness protection.

While the product does seem to offer several benefits, especially – in the face of rising inflation rates in the UK – where its increasing sum assured plan is concerned, further scrutiny of Key3’s cover details is recommended, as less advanced cases of cancer, as well as moderate cases of heart attack and stroke, are exempt from cover.

kuba.shandbaptiste@ft.com