Royal London has revised its critical illness policy, implementing ABI’s mandated minimum conditions wording changes and enhancing the plan significantly.
The policy now includes two new conditions eligible for 100% payment, and the payment for additional conditions has been raised from the lower of £30,000 or 50% of the sum insured to £35,000 or 50%.
The policy modifications include more precise definitions and broadened coverage for cancer, specifically less advanced prostate cancer treated by prostatectomy, and the inclusion of Merkel Cell carcinoma and certain sarcomas and lymphomas.
Heart attack definitions have been clarified to exclude myocardial injury without infarction, and dementia now explicitly excludes mild cognitive impairment.
Additionally, the policy introduces 100% payment conditions for serious mental illness and severe bowel disease, the latter covering conditions such as diverticulitis and intestinal ischemia, with a claim paid for a second bowel resection or full colectomy.
Other significant changes include a shift in the definition for aplastic anaemia from treatment requirement to diagnosis alone, and alterations in the conditions for children’s type 1 diabetes, coma, NETs & GISTs, pituitary gland tumour, and skin cancer.
Alan Lakey, director at CIExpert, said: “We are always supportive when an insurer expands its coverage and improves or clarifies the claims wordings. Royal London has extended its cancer coverage by widening the scope of its cancer definition as well as the addition of cutaneous lymphoma and also enhancing its skin cancer wording.
“Royal London also treads new ground by providing two payment levels for bowel disease – an additional payment for one bowel resection and a full payment for two resections or colectomy. Four additional payment conditions have been added and the monetary increase to the additional payment conditions also provides added value.
“It is beneficial to have a vigorous protection market where competition encourages innovation and Royal London has reaffirmed its commitment to advisers and the protection market. A welcome flag-raising given the recent reduction to market participants.”
