Royal London is widening its critical illness cover by improving, changing and adding definitions to expand the scope for claims.
The mutual stated that it has reviewed its definitions and processes and identified how conditions can be improved to deliver “long term value” for its customers.
Royal London protection expert, Jennifer Gilchrist, explained the firm has enhanced its critical illness cover by concentrating on cancer, severe mental health, type 1 diabetes and bowel disease cover definitions.
This has manifested with the adding of new definitions around severe mental health and severe bowels, which incorporates existing conditions, Crohn’s disease, and ulcerative colitis.
Meanwhile, five existing definitions will be improved in line with ABI minimum standards, such as for Dementia, heart attack, cancer, coma, and aplastic anaemia.
“The changes have been driven by analysis of our claims experience and insight to maximise value and help deliver the best possible outcomes for customers,” Gilchrist added.
“While we have made our definitions more precise, our aim is to provide improved clarity at the point of claim so we can enable quicker payments for customers at their point of need.”
As well as the additional cover conditions, Royal London also announced that the pay out is also increasing from £30,000 to £35,000 to reflect increasing living costs and to better support clients’ needs.
CIExpert director, Alan Lakey, said that, as 2023 has seen the “demise” of two major protection brands it is heart-warming to see a major protection insurer affirm its commitment to the market.
Lakey stated that this commitment has been made by increasing both the quality and the amounts being paid out for critical illness claims.
“Additional payments for bowel disease and cutaneous lymphoma are both unique to Royal London and the improvements secure their position as a top-quality critical illness provider,” he added.
tom.dunstan@ft.com
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