Article date: 16 July 2012
- Three new additional benefits: new conditions
- Five new ABI+ definitions
- Top four conditions accounting for 90% of claims are now ABI+ definitions
- Child CI cover payment raised to up to £25,000
Aviva has extended the level of cover on new critical illness (CI) policies with a series of enhancements. Changes include additional benefits for new conditions, new ABI+ definitions and increased maximum payments for child CI cover.
To help clarify illnesses covered under the policy, Aviva has also separated out some of the conditions previously included within its total permanent disability (TPD) definition. This means that 48 individual conditions will be covered under Aviva’s CI policies for new customers going forward.
In order to help advisers and customers understand what is covered, the insurer has also produced a comprehensive guide, to show at a glance which conditions are included and the level of payment for each.
Five CI conditions have been enhanced beyond ABI standard definitions to assume an ‘ABI+’ status. The conditions are: cancer, Alzheimer’s disease, Parkinson’s disease, major organ transplant and motor neurone disease. The inclusion of cancer means that the top four conditions - accounting for 90% of all claims - will all have an ABI+ status.
New conditions covered – additional benefits
New critical illness customers will be covered for three new conditions, taking the number of additional benefits offered to five. The new conditions are: significant visual impairment, Crohn’s disease treated with intestinal resection and removal of an eyeball.
Each condition will be eligible for a payment of up to £20,000.* These payments are an additional benefit, separate to the main policy. This means that critical illness cover will continue to be in place, should the customer need to make a further claim in the future.
Child CI cover raised
The children’s benefit included within new CI policies will now offer payments of up to £25,000, per policy, per child**. Again this is an additional benefit, meaning the policy will continue in force following such a claim.
Robert Morrison, chief underwriter for Aviva says: “We understand that many people find critical illness policies confusing, so we’ve reviewed our cover with this in mind. We’re committed to designing clear, effective products and we are confident these changes will help both advisers and customers to understand the excellent level of cover we offer.
“Our CI cover has evolved over time, to make sure we are helping as many people as possible. We’re determined that we only add conditions which increase breadth of cover and provide greater clarity for customers. We know exactly which conditions account for the largest number of claims, so we’ve taken great care to make changes where customers will benefit most.”
In 2011 Aviva paid 94.1% of critical illness claims. For the last two years (2010 and 2011) Aviva has paid the highest percentage of critical illness claims, compared to results published across the insurance industry.
The enhancements are the latest initiative from Aviva to benefit critical illness customers. In October 2011 market-leading*** additional benefits were introduced for low-grade prostate cancer and ductal carcinoma in-situ. In December 2011 Aviva’s critical illness claims website was launched to assist customers through their claims journey. To date more than 250 customers have submitted claims through the site.
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Notes to editors:
Aviva’s life and critical illness cover pays out a lump sum if the life insured either dies or is diagnosed with a critical illness that meets the policy definition and then survives for at least 14 days. Critical illness insurance only covers conditions defined in the policy and no others.
* Claimants will receive 20% of their sum insured up to a maximum of £20,000.This is the highest benefit paid in the insurance market for significant loss of sight.
** Claimants under children’s CI cover will receive 50% of their sum insured up to a maximum of £25,000.
*** Ductal carcinoma in situ: A diagnosis of this early form of breast cancer always requires surgical removal. Many providers only cover mastectomy treatments for carcinoma in situ of the breast. However, Aviva covers mastectomy, partial mastectomy, segmentectomy and lumpectomy as well as other treatments. Low grade prostate: For low grade prostate cancer, unlike other providers, Aviva covers all current recognised surgical treatments including hormone therapy, which other providers exclude.
Aviva provides insurance, savings and investment products to 43 million customers worldwide.
We are the UK’s largest insurer with over 14 million customers and one of Europe’s leading providers of life and general insurance. We combine strong life insurance, general insurance and asset management businesses under one powerful brand. We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
We are ranked as one of the UK’s top ten most valuable brands and Aviva Plc are in the top 10% of socially responsible companies globally in the Dow Jones Sustainability World Index. In 2011 we invested £5.3m into our UK communities. One in three of our employees were involved in community investment activities which included giving nearly 33,000 hours.
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