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Old Mutual Wealth enhances Critical Illness plan to cover all types of heart attack and vascular disease and extended cover for strokes

27/11/2014

Old Mutual Wealth has revealed that from today its critical illness insurance product, ‘Protect’, has been expanded to cover 65 conditions and now includes cover for all types of heart attack* and vascular disease and extended coverage for strokes.

The enhancements will be available to new customers and to existing policyholders that bought Critical Illness cover since April 2013.

Range of cover

Cover has been extended from 56 to 65 illnesses.

Additional conditions covered include sickness or injury that results in at least 10 days in a UK intensive care unit on a mechanical ventilator and Kennedy’s disease, for which Old Mutual Wealth will be the only provider to offer cover in the UK market.

Improvements to existing cover

Old Mutual Wealth is now among the market leaders in paying the full sum assured for all types of heart attack*. Coverage has also been extended to cover both spinal stroke and eye stroke and to include strokes either with or without permanent symptoms.

Improvements to existing definitions mean a range of other conditions will also benefit from increased cover.

Surgery Benefit

Old Mutual Wealth is also making significant improvements to surgery benefit.

Customers will now receive the cover payment in full as soon as they are placed on an NHS waiting list. This means the Old Mutual Wealth Protect product will be among the market leaders in Critical Illness, providing up-front surgery benefits without the need for a quote from a private hospital.

The range of surgeries covered will also expand from 4 to 11, to include brain tumour and major organ transplants.

Old Mutual Wealth Head of Protection Ian Jefferies says:

“Our aim in making these substantial enhancements has been to offer the most comprehensive Critical Illness cover that is available in the market. We have also condensed, simplified and clarified a number of existing conditions in order to make the product easier for customers to understand. Overall these changes will enable us to pay more claims to customers at the most crucial times.”

*Death of heart muscle, due to inadequate blood supply, that has resulted in evidence of acute myocardial infarction. Evidenced by characteristic electrocardiographic changes and rise of cardiac enzymes or Troponins.

For more information contact

Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com

Notes to editors:

Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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