A host of insurers updated their policy definitions to make it easier for people to make a claim for a heart attack. Providers were applauded for removing the need for troponin to reach a specific raised level for a claim to be successfully paid, and instead simply requiring enzyme levels to be raised for a paid claim, Some even removed the need to rely on enzyme levels altogether.
This moves the industry back to the more encompassing heart attack CI definitions commonly used before changes were made to ABI standard definitions in 2007. The companies noted to have done good work in this area in 2013 include Beagle Street, Ageas, Aviva, HSBC, PruProtect and Scottish Provident.
3. Significant changes to stroke definitions
In line with providers making significant changes to heart attack definitions, insurers including Ageas, Aviva, Friends Life, LV= and PruProtect were similarly congratulated for improving their stroke definitions to make successful claims easier.
Stroke definitions were streamlined so that neurological damage no longer needed to be permanent in order to make a claim, instead taking into account symptoms extending beyond 24 hours with a positive brain scan.
With strokes being one of the most common reasons for critical illness claims alongside cancer and heart attacks, such a move is sure to increase the number of paid claims.
4. Serious illness cover booster
In September 2013 PruProtect introduced a ‘Serious Illness cover’ booster to its severity-based plan. The ‘booster’ increases the amount paid out on a claim if the condition is identified as having a long-term physical impact. Claims are then paid at between 100 per cent and 200 per cent of the original sum assured, or ‘boost’ what would normally be a smaller claim under a severity payment to a full sum assured claim.
In a bid to also improve its children’s cover PruProtect extended children’s CI claims to 23 years of age - and if a claimant has dependent children the payout under its ‘booster’ is increased even further.
5. Introduction of child death benefit
Many providers updated the benefits parents can claim on for children under their CI plan in 2013. Legal and General were the first to introduce children’s death benefit last year, paying out £4,000 towards funeral costs if a child passes away. This was quickly followed by upgrades to Aegon, Aviva and Friends Life’s plans, each paying £5,000 towards children’s funeral costs.
Typically, a maximum of two claims can be made for child death benefit under a CI plan.
6. LV= launched first real hybrid plan
