The product, available through IFAs, is also fully compliant with the 2011 Association of British Insurers’ statement of best practice for CI cover.
The following benefits are now included as part of the product:
• 15 ABI+ definitions (increased by four, now including cancer, multiple sclerosis and stroke).
• The new product also offers an ABI+ definition for two total & permanent disability (TPD) definitions.
• Total disability is now available as an alternative to TPD, to ensure customers are protected from disabilities that stop them working, but are not permanent.
• Double child payment where treatment is not available in the UK but is overseas, supported by Best Doctors. This is an additional benefit. It doubles the existing children’s benefit from 50% of sum assured up to a maximum of £50,000, to 100% of the sum assured up to a maximum of £100,000. This new feature applies to all covers, and so if each parent has a single life plan two payouts could be available.
All enhancements will be applied retrospectively to existing customers for the second year running.
Ageas Protect is contacting all of its existing customers over the next few weeks to tell them that their cover has been improved at no extra cost to them.
Martin Werth, managing director at Ageas Protect, said: “Our upgraded Critical Illness benefit has focused on improving customer confidence and peace of mind. Our objective is to ensure that customers have value for money and effective protection against serious events.
“We have achieved this with enhanced definitions, 15 ABI+ definitions, and our unique option of temporary disability, which does not require a condition to be permanent before a benefit is paid.
“Once again we have shown that our existing customers are as important as our new customers and these definition enhancements will be applied to all our customers retrospectively.”
Werth added that Ageas has 67% straight through processing rates on applications and 10% GP reports.
Mike Aldridge, sales director at London & Country, said: “The improvements to the Ageas CI contract further strengthen an already comprehensive product.
“Applying these enhancements retrospectively is not only very positive for the consumer and indeed the wider market it further differentiates them from the crowd.”
