New look documents have been produced by insurer Scottish Provident.
New owners Resolution confirm that the Scottish Provident brand will continue to be used.
A corporate brochure and new literature have been unleashed.
The Self Assurance critical illness, and life with critical illness products have all been updated inline with the latest ABI statement of best practice.
The insurer has added 5 new critical illness definitions that they feel are a real issue to customers;
- Cardiomyopathy
- Chronic Lung Disease
- Liver Failure
- Traumatic Head Injury
- Progressive Supranuclear Palsy
They have NO age limits on the older age diseases like Alzheimeirs, Parkinsons, Dementia and Motor Neurone Disease.
Six definitions that offer more comprehensive cover than the ABI suggested definitions:
- Aorta Graft Surgery
- Benign Brain Tumour
- Coronary Artery By-pass Grafts
They are not insisting on division of the breast bone (sternotomy) in order for a claim to be submitted. So for example keyhole surgery is covered on the Scottish Provident plan and not under the ABI suggested definition.
- Heart Attack
- Heart Valve Replacement and Repair
On the income protection section of Self Assurance, HIV exclusions have been removed from the Disability Income Benefit, it has a wider geographical area and no occupation limits.
These changes will apply to new plans from 30th April 2007 and Intermediaries have been informed of pipeline requirements.
Alison Turner Holmes says: "Scottish Provident saw the implementation of the Statement of Best Practice amendments as a good time to make a few more advantageous changes to our plans. The inclusion of new conditions is paramount to keeping up to date with medical progressions. For example, the inclusion of Supranuclear Palsy, which is a form of Parkinsons disease and can now be diagnosed in its own right. Diagnosis of this disease will become more commonplace and, is an example of our commitment to future proofing plans.
The company says other Scottish Provident innovations are planned
Some real life claims examples:
- March 2006 paid out £300,000 to a Solicitor who had a stroke, the policy was just over seven months old
- December 2006, paid out £200,000 to a 33 year old Financial Adviser, who had Testicular Cancer.
- January 2006, paid out £72,000 to a Fork Lift Driver who had paid one single premium
- June 2006, paid out £350,000 to a Housewife who had Breast Cancer
- October 2006, paid out £140,000 to a 33 year old with Multiple Sclerosis
Critical illness: News update: May 2007
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