Old Mutual Wealth boosts critical illness cover with 80 enhancements
6 August 2018
Old Mutual Wealth has announced that it has made nearly 80 enhancements to its critical illness cover, enabling more clients to make claims.
The company, which is part of wealth management group Quilter plc, said changes included a combination of new medical conditions, enhancements to payment conditions, improvements to children’s cover and clearer definitions.
The cover also now includes an Additional Care Benefit, which will allow patients suffering the effects of a long term illness to receive up to an additional £50,000 for extra care.
As part of the upgrade, Old Mutual Wealth said there would be an outcome based claim for mental illness, in which it will pay out for any mental illness that has met its four criteria.
It has also consolidated and updated its cancer in Situ (CIS) to include a larger number of CIS definitions, while those definitions have also been improved to provide clarity and reduce complexity for policy holders.
Paul Roberts, head of Protection at Old Mutual Wealth, said: “We all hope that a critical illness won’t happen to us or our loved ones. However, while we hope for the best, it is prudent to prepare for the worst. Our cover aims to be comprehensive as standard, avoiding the need to gamble by choosing which bolt on you may or more importantly may not want to include.
“Over the past year we have assessed our customer feedback and claims experiences to better understand how we can improve our products. We have then designed our upgrade to not only provide cover for a wide-ranging set of illnesses but so that it also provides additional financial support for longer term illnesses, children’s cover and options to reinstate cover after a claim.”
In 2017, Old Mutual Wealth paid 94.6% of all critical illness claims.
Origo is to launch Unipass Letter of Authority (ULoA) at the end of November, a service aimed at simplifying...
Professional Paraplanner’s publisher, Research in Finance (RiF), is a leading research company in the financial services sector. On occasion our readers...
While the aggregated costs and legacy trail commission regime remains far from perfect, some clarity can be gleaned, says...