Guardian has split its terms and conditions and key facts into eight separate versions, so policyholders receive only the information relevant to their cover.
Minor wording changes have been made to seven definitions across the products, and the survival period on critical illness and children’s critical illness protection has been reduced from 14 days to 10 days for new policyholders.
Additionally, Guardian has updated its claims process for life protection and combined life and critical illness protection, so no claim will be paid if death is due to suicide or intentional self-inflicted injury within the first 12 months of the policy for new policyholders.
Hilary Banks, chief commercial officer at Guardian, said: “Often, lower-cost cover means cutting corners on quality or service. We didn’t think that was good enough.
“By working with advisers to design our new covers and listening to what they and their clients need, we’ve built Critical Illness Essentials to deliver quality cover with the fast, dependable support that Guardian is known for, at a more accessible price point.”
REACTION:
Alan Lakey, founder and director at CIExpert:
“Guardian continues to invigorate the critical illness market with its new Critical Illness Essentials plan.
“It’s designed for the discerning client who is unable to afford fully comprehensive cover but still aspires to high quality coverage.
“The inclusion of 34 conditions that pay out in full plus four additional payment conditions for less advanced cancer of the breast, prostate, ovary and testicles makes it stand out in the market.
“The additional payment conditions pay the lower of £30,000 or 30% of the sum insured, and advisers should note that there are 9 conditions which pay out if added to the NHS waiting list for surgical treatment.”
Chloe Davies, head of protection distribution at L&C Mortgages:
“It’s been a real pleasure to get to work alongside Guardian to help shape what we then take out to clients.
“This sort of collaboration is what’s needed in our market to help more people access the level of protection they need.
“It’s great to see a provider genuinely listening to advisers and acting on it.
“The new split policy terms and conditions are just another way Guardian is going above and beyond to make life easier not only for us, but for our clients too.
“This combined with what we know is a stellar service, and fast underwriting, is exactly the kind of product we’ve been asking for.”
Nilesh Patel, chief revenue and customer officer at UnderwriteMe:
“Adding both Critical Illness Essentials and Combined Life and Critical Illness to our panel will provide advisers with further high quality protection products at an affordable price.
“These are important product developments in the marketplace as they offer an affordable entry point for clients that are looking for protection but need their adviser to look at cost effective options.
“We’re delighted to add them to our platform and be able to offer more options that can provide valuable protection for more UK adults.”