As part of that review, guaranteed critical illness premiums will be reduced where an exclusion is applied for cancer or Multiple Sclerosis.
Zurich is also adding six new critical illness conditions, extending the total number covered to thirty eight. In addition, Zurich is enhancing a number of existing definitions (see note 1 for list of conditions added and enhanced).
Commenting on the new conditions, Peter Hamilton, Protection Management Director, Zurich UK Life said, "We keep our proposition under regular review, and these changes reinforce our commitment to the market. We believe that reducing premiums where we exclude cancer or Multiple sclerosis is a positive change and the right thing to do."
These latest enhancements apply to Zurich's Level Protection and Decreasing Mortgage Plan.
Concludes Hamilton, "We have also improved and added to our definitions, but not simply to play the numbers game. We have considered, but expressly rejected, including certain conditions, such as diabetes and rheumatoid arthritis. The definitions currently used in the market for these conditions are restrictive and will result in very few claims being paid, but they could easily lead to customers believing their cover is more extensive than it is".
Last year Zurich paid out £58.5m in critical illness claims (with less than 1% declined for non disclosure). Critical illness payments continue to make a massive difference to thousands of lives.
