Life and Critical Illness Bulletin: Resurgence for Relevant life Cover
2nd March, 2017
Leading provider Legal and General have announced significant growth in one of their unsung products, Relevant Life Plans. According to figures from 2016, the provider in fact saw a 21% increase in take up for the product.
Legal and General’s Relevant Life Plan is term assurance for employers, in order to cover an employee in the event of death of service. The employer pays for the plan, which will pay a lump sum on the event of the employee’s death. The plan also covers the employee if they were to be diagnosed with a terminal illness. These are very popular with directors of Limited companies whom wish to take out a protection policy on themselves for the benefit of their family, but pay for it through the business thus saving huge amounts in tax.
Legal and General also nearly doubled the number of live policyholders who applied for the Relevant Life Plans online, with the South East of England still the region with the most cases. The provider has said that the increase reveals that more businesses are beginning to see the advantages of protection that can be offered to key employees.
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Scottish widows develops critical illness proposition
Since returning to the intermediary market at the end of 2015, Scottish Widows has made its mark in the protection industry. Through Scottish Widows Protect, they have rolled out an exciting range of products. They have now updated their critical illness further, changing their definition regarding additional payment for cancer in situ requiring surgery.
This new definition is replacing the current five different cancer in situ additional payment definitions. Scottish Widows Protect has also combined the definitions for Alzheimer's disease and Dementia, as both are assessed in the same way during the claims process. Experts are calling the new product progressive, only enhancing the reputation of Scottish Widows Protect.
Zurich announces rising claim payouts
Zurich has announced their payout results to retail customers in 2016, with an impressive total of £224.6m. This is a 6% increase from 2015, with a claim success rate of over 95%, one of the best in the market. The amount was paid out to over 2,600 policyholders and their loved ones, including critical illness, income protection and life insurance policies.
Critical illness alone paid out £63.2m last year, with a claim payout of over 90%. As expected, the most common reason for payment was cancer, accounting for 55%. As one of the most common forms of the disease, breast cancer made up close to 20% of the claims. Life insurance claims had a much higher rate of claim success at 98%, reaching £151.7m in payouts.
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