AIG Life has simplified its critical illness (CI) cover by consolidating some conditions under four categories.
The provider has grouped more than 20 conditions under four headings, focussing on specific surgeries or the impact on daily life for customers, rather than the name of the illness.
The four headings are degenerative neurological disorder; reduced heart function; surgery to the heart, aorta or pulmonary artery; and surgery via the skull.
According to AIG Life, the customer will be covered if the impact is the same, regardless of the name of the condition.
It has described the simplification as a move away from the concept that every condition it pays on needed to be listed.
Sue Helmont, marketing director at AIG Life, said: “These changes reduce condition numbers and represent a step change in CI market simplification, whilst enhancing the prospect of a successful claim.
“[Because] our new grouped conditions are based on impact not the cause, our cover has broadened. It also means advisers can be confident that cover keeps pace with new medical developments and won’t diminish over time.”
Alan Lakey, director at comparison service CIExpert, commented: “[By] the use of wider-ranging umbrella headings, AIG has broadened the scope of its cover by the inclusion of many rarer conditions that previously were excluded due to not being specifically named.”
chloe.cheung@ft.com
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