The four plans are level term and decreasing term, which are life assurance only and level term plus and decreasing term plus which incorporates additional critical illness cover.
Initially the plans will only be available via Lifesearch, which is trialling the UnderwriteMe system which Canada Life has linked to.
The plan incorporates 58 conditions – 42 core conditions and 16 additional payment conditions. As is often the case such counting can be misleading in that Dementia, Alzheimer’s Disease and CJD are specifically included when Dementia alone encompasses Alzheimer’s and all other organic brain conditions.
Conversely, the open-heart surgery definition extends to surgery on a diseased pulmonary artery, something that is included as a separate condition by a number of insurers.
All additional payments are limited to the lower of £25,000 or 25% of the sum insured.
Alan Lakey, principal at Highclere Financial Services and founder of CI Expert, said: “Whilst the plan is very comprehensive the heart attack definition is harsher than that of the best plans by requiring a specific level of raised enzymes.
“Children’s cover is wide-ranging with cover included for five specific congenital conditions – muscular dystrophy, hydrocephalus, spina bifida, cerebral palsy and cystic fibrosis.
“Additionally they include a £7,500 payment if hospitalised for at least seven days enduring mechanical ventilation plus £10,000 payable on death. The normal age range is 30 days to 18 years but this extends to 22 years if the child is in full-time education.
“This plan is a welcome addition to the market as it focuses on quality rather than being cheap and cheerful. Also, having aligned itself with UnderwriteMe, it seeks to make the advisers underwriting and processing journey speedier and less rocky.”
