Bright Grey and Scottish Provident have improved their critical illness cover by adding two new definitions and adding an extra Association of British Insurers plus definition.
The provider has upgraded its definition of multiple sclerosis to ABI+, which means the definition exceeds the industry standard. The enhanced definition means a pay out could be made after three months of persisting impairment rather than six months.
It has also added definitions for accident hospitalisation and third degree burns. The two new definitions pay out up to £15,000 or 20 per cent in addition to the sum assured.
The changes to the definitions apply to both Bright Grey and Scottish Provident’s CI offerings. Scottish Provident has also reduced its life and critical illness rates.
BG has also increased the limit for life cover from £5m to £10m and increased the guaranteed life or critical illness cover from 54 to 59.
The changes take the total CI definitions to 45, with 41 paying the full amount of cover and four paying out in addition to the sum assured and 10 classed as ABI+.
BG proposition director Roger Edwards says: “With so much focus on the gender directive at the moment the importance of life insurance for women has been well sign posted. But what about their wider protection needs? When you consider that every year in the UK, twice as many women than men are diagnosed with multiple sclerosis, it is a great opportunity to think about critical illness cover at the same time.”