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19 Apr 2024
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Critical Illness News

New supplementary critical illness cover being considered

It may soon be possible for consumers to top up their critical illness cover to cater for some conditions that they may be worried about thanks to new plans being considered by reinsurance giant Munich Re, it has emerged.

Ifa Online reports that a supplementary critical illness plan is being considered by the organisation and it may be ideal for those concerned about a history of illnesses such as cancer.

According to Andy Milburn, Munich Re UK's head of marketing, CI Plus is not a threat to existing critical illness plans because apart from being designed to complement the covers, it will be offered on "a want not a need" basis.

"CI Plus is a suggestion we allow clients to increase cover above and beyond what they already have, just for one or two conditions, if they have concerns in those areas," he is quoted as saying by the publication.

"It's not competing with what's already out there. Underwriters may say they're less likely to insure if there is, for example, a family history of an illness, but we lead the world in underwriting and I'm not sure that's a show stopper."

Critical illness insurance is designed to cater for a selection of illnesses that are deemed critical such as some types of cancer or wasting diseases.

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