Critical Illness  

Canada Life enhances critical illness cover

Canada Life enhances critical illness cover

Canada Life has enhanced its CanProtect critical illness range, although experts say it will take more changes to bring it in line with top-quality rivals.

The group has improved its definition of a heart attack, which now exceeds guidance from the Association of British Insurers (ABI).

Canada Life has also improved its rates for children’s cover and will cover earlier stages of cervical, oesophagal and ovarian cancer.

Alan Lakey, founder of CI Expert, welcomed the changes, which he said would make it easier for a greater proportion of financial advisers to be able to use the policies, which are at present only available from a very limited number of providers.

However, he said that other top-quality rivals still offered better terms on other types of early-stage cancer, and that Canada Life should consider other changes to compete further.

“It’s a good start, and puts them back in the spotlight,” he said.

“Access to the Canada Life critical illness coverage has been emboldened by a number of additions and adjustments which helps to maintain its position towards the top of the CIExpert quality tables.”

A spokesman for Canada Life said the group was focussing on  providing a product with a “range of unique selling points underpinned by a good solid set of terms and conditions”.

“This latest iteration of our terms and conditions is aimed at strengthening our position,” he added. The company confirmed that it is planning to develop the whole Canprotect proposition further as it builds its distribution footprint.

The changes to the policy mean that, for the policies to pay out on a heart attack, enzymes must be raised when the patient is tested, but not raised to a certain level, as required by the ABI definition.

The company will also pay out the lesser of £25,000 or 25 per cent of the sum insured, for early stage diagnosis of cervical, oesophagal and ovarian cancer, provided that it meets certain conditions.

Other improvements include a lower hurdle for those claiming for deafness, which exceeds ABI guidelines, and a payout of 50 per cent of the sum insured with an overall all cap of  £25,000, for children.