AIG has made “major improvements” to its critical illness with term assurance policy, with focus on the conditions covered and service offered.
The insurer has enhanced cover to pay out on a range of conditions which are most likely to affect the person covered and their family.
It has also standardised additional benefit payments, adopted the Association of British Insurers’ latest statement of best practice wording, added conditions on which it will make additional payments and included additional payments on conditions specific to children.
The improvements have been made to AIG’s YourLife Plan, Business Protection and Low Start ranges.
They now cover 80 conditions offering the full sum assured on 42 conditions and operations, 30 additional payment benefits paying a proportion of the sum assured, seven child-specific conditions including intensive care and child death benefit.
Conditions which are now also eligible for a full claims payout include: benign spinal cord tumour; brain injury due to anoxia or hypoxia; Crohn’s disease; Parkinson plus syndromes; spinal stroke and ulcerative colitis.
The maximum age at which customers can buy YourLife Plan and Business Protection CI with term assurance has been extended from 59 to 75.
The maximum age they can hold it until has been extended from 69 to 85 and the maximum term to which customers can be insured has been extended from 40 to 50 years.
Access to the Best Doctors second opinion service has also been extended for the insured person for three years after they have claimed the sum assured, to enable them to receive important support during and following treatment.
Steve Casey, head of marketing and propositions at AIG Life, said they asked for feedback from the adviser community on enhancements to the critical illness cover.
“Our critical illness cover is designed to keep up with the needs of families and with the major situations when customers are most likely to claim,” he added.
CI Expert director Alan Lakey commented that AIG has staked out its claim as offering the most comprehensive critical illness plan in the market.
“The changes will ensure payment of claims that might currently be declined and in particular provides a substantial boost to the value of its children’s cover. Cover against cancer coverage is now the most comprehensive available.”