Industry powerhouse AIG Life has launched a “simpler” form of critical illness insurance cover for three key medical conditions.
The insurer’s newest insurance solution, Key3, pays a lump sum upon diagnosis of one of three critical illnesses – cancer, heart attack or stroke.
AIG Life said Key3 aims to give customers “simple, affordable and essential” critical illness cover which can be bought with or without life insurance.
With the latest product, AIG Life is targeting individuals who haven’t traditionally considered critical illness insurance, including younger single people who rent, those who do not prefer full face-to-face financial advice, and people on a tighter budget.
“Key3 gives customers financial support to help them recover from cancer, a heart attack or a stroke,” said AIG Life CEO Adam Winslow.
“This fills a gap in the market for customers who feel they can’t afford comprehensive critical illness insurance,” he also said.
According to AIG, cancer, heart attack and stroke accounted for almost 80% of the insurer’s adult claims in 2015.
The company cited research which showed that customers might be interested in covering the three medical conditions if it came at a lower cost than comprehensive critical illness cover.
“In our lifetime every other person in the UK will get cancer, while someone has a heart attack every seven minutes or a stroke every 12 minutes,” Winslow said.
“Yet there is a huge market of UK customers who do not have critical illness insurance and don’t realise they need a financial plan in place if they fall seriously ill.”
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