Aegon and Zurich update CI

Lakey said a number of the changes to Aegon’s policy definitions are “cosmetic” in as much as they tidy up definition wordings with no or minimal impact on the ability to pay a claim.

He said: “The major changes relate to heart attack where the requirement for a specific level of raised enzymes has been removed and CIS of the Breast where the definition falls into line with the leading wordings.

“Additionally, the guaranteed insurability option has been extended to accommodate divorce and a joint life separation on divorce option has been included. Waiver of premium can now be taken to age 70.”

Meanwhile Zurich upgraded its own definitions and adjusted to the model wording changes announced by the Association of British Insurers in December 2014.

Lakey said: “These changes are all positive and ensure that Zurich does not fall behind the main industry players. They will reduce client disappointment and result in more paid claims.

“A number of the new conditions add little in that they are unlikely to increase claims in any substantial way. However it is disappointing to see the addition of three neurological conditions which Old Mutual and Scottish Widows already include within the inclusive Parkinson Syndromes heading.

“Surely the consumer would be better served by consolidating conditions under wider-ranging headings so that the plan is more cohesive and encompassing.”