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21 Nov 2024
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Zurich reviews its critical illness insurance conditions

Consumers are set to benefit from new changes to critical illness insurance products announced by protection provider Zurich.

Following a recent review of its protection proposition, the firm stated that its guaranteed critical illness premiums will be reduced where an exclusion is applied for cancer or multiple sclerosis.

Six new critical illness conditions including cardiomyopathy, encephalitis, pulmonary artery surgery, open heart surgery and severe lung disease have also been added to the protection.

According to Peter Hamilton, protection management director at Zurich UK Life, the changes, which have increased critical conditions to 38, are designed to benefit the consumer.

"We have improved and added to our definitions, but not simply to play the numbers game. We have considered, but expressly rejected, certain conditions, such as diabetes and rheumatoid arthritis," he said.

"The definitions currently used in the market for these conditions are restrictive and will result in very few claims being paid, but they could easily lead to customers believing their cover is more extensive than it is."

Some £58.5 million in critical illness claims were paid out by the insurer last year.

 

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Zurich reviews its critical illness insurance conditions