Product and underwriting
To explain some of the new and improved protection products available and our underwriting philosophy, we have answered your most frequently asked questions.
We have reviewed our critical illness offering and added a number of new conditions so this lessened the need for activities of daily living and loss of independence.
Both activities of daily living and loss of independence were difficult conditions to claim against and we observed a higher decline rate on these conditions than others as a result. By removing them, and adding other more specific conditions instead we have improved the clarity and certainty for customers.
At age 16, any children covered by children’s benefit on an existing policy will have the ability to take out their own policy without needing to answer health and activity questions. The child will get the critical illness product that we sell at the time of conversion, with the T&Cs for that policy. This will include contractual change to allow them to increase cover if they wish. There is no waiting period, and no requirement for the parent to cancel their children's cover. It is likely that £25,000 of cover will be above minimum premiums, but we can consider concessions for any cases where the children's conversion benefit would result in a premium which is below our minimum premium.