With its updated critical illness insurance wording, Lincoln Financial Group offers six additional definitions to its Critical Illness product over and above those recommended by the Association of British Insurers’ standard critical illness definitions.
The additional definitions are Angioplasty, Aplastic Anaemia, Bacterial Meningitis, Cardiomyopathy, Liver Failure and Pre-Senile Dementia before the age of 65.
Ian Noble, head of life sales and marketing, says: “We fully support the work the ABI has done to bring greater clarity for clients through the standard definitions and are delighted to offer six further definitions. Critical illness is an important part of any protection offering and the ABI has helped bring greater clarity to the product so that consumers can fully understand what they are covered for. We are committed to providing comprehensive and affordable solutions for our clients.”
Guaranteed increases of 50 per cent of the sum assured to a maximum of £100,000 are available on a client’s marriage or civil partnership; at birth of the first child or adoption increases of 25 per cent of the sum assured up to a maximum of £50,000 are available; and on a mortgage increase of at least £2,500 to an existing loan.
The group, which sells its menu-based Financial Foundations protection product through financial advisors, is also highlighting the range of benefits in its Critical Illness package which offers three cover options of Critical Illness, Permanent Disability and Elderly Care.
Critical illness cover is available up to a maximum of £2.5 million and clients can benefit from a range of guaranteed increase options, without additional underwriting, including marriage/civil partnership; birth or adoption; and increased mortgage. They can also take premium holidays and receive free cover for children up to 18 or 21 if they go on to further education. Free cover for children is for 50 per cent of the adult cover or £15,000 whichever is lower.
Financial Foundations is a multi-benefit protection menu product, providing whole of life cover in one place under one wrapper. The product menu plan consists of:
- life cover,
- critical illness cover,
- permanent disability cover,
- elderly care cover,
- income protection cover
Critical illness: News update: May 2007
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