Royal Liver has added two types of cancer to the conditions covered by its critical-illness policies following the Association of British Insurers’ recent changes to the definitions.
Money Marketing reported recently that the ABI has bowed to pressure from Swiss Re and changed its statement of best practice on CI in light of new medical evidence on two rare forms of cancer submitted by the reinsurer. The cancers were previously excluded as they were defined as pre-malignant conditions.
Royal Liver will be applying the changes retrospectively to any customers who bought life cover with guaranteed CI cover from October 15, 2006.
Royal Liver and Prudential are thought to be the first two providers which have introduced the ABI’s new CI definitions on their products.
CBK principal Peter Chadborn says: “It inspires confidence that providers’ systems can adapt so efficiently to changes like this.”