Burgesses enters critical market with plan boasting simplicity
MONEY MARKETING - 11TH MARCH 2002
Burgesses, the Lloyd’s underwriting agency which normally specialises in income payment protection insurance plans, has taken its first step into the critical illness market with its criticalCash plan.
The plan is based on 11 core illnesses which, according to Burgesses, represent more than 90 per cent of all critical illness claims made.
Additionally , cover is provided in the event of a terminal illness. The amount of cover required is selected in units of £25,000 subject to a maximum of £500,000.
Premiums are guaranteed and follow a set scale based on age, sex and whether the client is a smoker or non-smoker. The application form is easy to understand. Cover is provided without the need for further underwriting.
With CriticalCash, what you see is what you get. It is easily understandable from a client’s viewpoint and is perhaps a long awaited step in the right direction to simplify the critical-illness market.
For a male non-smoker aged 35 next birthday requiring £50,000 benefit, the premiums are £9.76 a month in the first year increasing to £10.34 in the second.
