AMP Pearl has added standalone critical illness cover to its product range for the first time in a move to expand the products sold through its direct sales force operations.
The product will not be available to IFAs but will be distributed through AMP Financial Planners, Insurance & Mortgage Consultants and self-employed networks.
It will include cover for cancer, heart attack, stroke, motor neurone disease, multiple sclerosis and terminal illness. The time between diagnosis of illness and when a claim can be made is 14 days, shorter than the 28 days which is typical for other policies.
AMP head of advisory services Andy Halstead says: “Many people have life cover and overlook the need for critical illness cover, but the last thing people need when they are seriously ill is money worries. Critical illness cover can allow people to concentrate on recovering from illness without worrying about how their bills will be paid.”