How many Critical Illness conditions do you need to have covered?
Critical illness cover is something everyone should consider at some point. No-one knows when serious illness will strike, what its impact will be and while critical illness cover can be expensive, it can end up being invaluable.
The critical illness market is flooded with policies at the moment, and some of them are extremely competitive. Some insurers stand out by offering coverage against 59 different illnesses, while others pride themselves on paying out in 94% of cases. For Zurich, the emphasis is on fairness - while it won't offer the most variety, or the highest pay outs, it will offer a carefully balanced policy to fit your client's needs.
Zurich's revamped critical illness policies aim to bridge the gap between affordable cover and flexible protection. Covering 48 conditions, including 10 which go beyond the standard recommended by the Association of British Insurers (ABI), the Zurich proposition now matches some of the market leaders, and according to David Butler, Retail Marketing Manager at Zurich, the firm offers something else.
"We have a fantastic inclusive underwriting philosophy," he says. "And continue to be competitively priced, with these enhancements offering even greater value"
For the first time, the Zurich proposition now covers:
• Carcinoma in situ of the breast requiring mastectomy or lumpectomy
• Prostate cancer low-grade
• Carcinoma in situ of the testicle - requiring surgery to remove one or both testicles
• Carcinoma in situ - Urinary Bladder
• Non-Malignant Pituitary Adenoma - with specified treatment
• Cerebral Aneurysm - treated by craniotomy or endovascular repair.
All of these illnesses are eligible for partial payments, another Zurich first. Under the new scheme, clients are not disadvantaged if they need to claim against their policy. For instance, if a client has £100,000 worth of critical illness cover and withdraws £15,000 of this, they will still have £100,000 to draw on if taken ill again.
"We're really trying to offer a fair approach to critical illness conditions," says David.
As part of Zurich's efforts to offer best value, all of Zurich's critical illness conditions, including partial payments, will cover children from 28 days after birth to 18 years old.
And David points out that the coverage Zurich offers is reflective of real risk. "There are conditions out there such as diabetes and rheumatoid arthritis that require a severe diagnosis," he says. "So some people may think they are covered but will not be.
Patient's choice The biggest perk of Zurich's cover is its flexibility. When it comes to critical illness, nobody wants their choice of treatment to be limited for financial reasons, especially if they have been paying for costly cover for a number of years.
As David explains, some insurers would pay out on a mastectomy, but the client's consultant or surgeon may be able to treat the condition with a less invasive lumpectomy. "We're not going to make clients choose their treatment based on financial gain," he says. "If you've got this condition, whatever your consultant recommends, you will be sure of a pay-out."
As with any policy, the earlier you start, the cheaper it will be. David recommends clients buy critical illness cover at the same time that they buy or renew their mortgage, or have financial dependants so they are covered should the worst happen.
No one knows what life will throw at them, but you can make sure your client is as well prepared as possible.
Key points:
• Zurich's revamped critical illness cover now includes 48 different illnesses.
• Zurich is now offering partial payments on coverage for the first time.
• Children's cover is included in all policies.
• In an effort to encourage fairness, Zurich allows the flexibility of patient's choice for carcinoma in situ of the breast.
• The earlier critical illness cover is taken out, the cheaper it will be.
For further details speak to your Zurich consultant or call us on 0500 546 56
We may record or monitor calls to improve service
