Following on from Zurich
’s recent announcements of changes to its critical illness cover, another significant market player has made a series of adjustments – including the introduction of a “UK first” cover option.
Aegon will now be the first UK provider to offer donor cover within a critical illness policy.
According to a report at FT Adviser
, donor cover has been added to the company’s list of critical illness definitions and will give donors an opportunity to claim as much as £2,500 on occasions when they donate a kidney, portion of a lung or liver, or even bone marrow to a family member.
The changes do not end there, however. In addition, Aegon will introduce two new ABI Plus definitions along with six additional critical illness definitions and a host of changes to existing definitions. The additional definitions will be available to children and step children.
Among the new line-up is the introduction of three new definitions for Parkinson plus syndromes, spinal stroke and Neuromyelitis optica; as well as improved payouts for definitions such as Chron’s disease and partial loss of sight.
Speaking to the publication, Dougy Grant, Aegon UK’s protection director, commented that it is important to recognise that living donors can experience physical and financial struggles similar to that of the person receiving the transplant.
Meanwhile, Alan Lakey, of IFA Highclere Financial Services, told FT Adviser
that Aegon had “historically taken on the mantle of offering low cost but mid-division critical illness cover” but that the upgrade suggests it is “upping its game” and ensuring the gap to the top providers “does not widen unduly.”
Record £3.6bn paid out in protection insurance claims