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.
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.