Burgesses offers five-year tranche CI
COVER - 1ST APRIL 2003
Critical illness plan includes guaranteed rates and automatic children’s cover.
A critical illness policy underwritten by Lloyd’s of London has been launched by underwriters Burgesses.
CriticalCash provides a cash benefit on survival of 28 days or more of one of the 11 specified conditions.
Cover can be bought in units of £25,000 up to a maximum of £500,000. the minimum age at entry is 18 and the maximum is age 60. the plan includes automatic free cover for children whereby 25% of the adult benefit is paid out, or if tow adults are covered, 25% of the combined sum assured, subject to a maximum of £20,000 per child. This cover is available for children between six months and 17 years.
Premiums increase on an annual basis reflecting the age of the policyholder and the likelihood of making a claim. A non-smoking male aged 30 next birthday would pay £3.54 per month per £25,000 of cover, while a smoker would pay £5.17 per month. Equivalent female rates are £5.09 and £8.04.
For a 50 year old non-smoking male, the monthly premium per £25,000 would be £18.12, while a smoker would pay £43.13. a 50 year old female smoker would pay £17.84 and a smoker £39.38 respectively. The minimum monthly premium is £5.
The plan will be sold in five-year renewable tranches with no further underwriting required at renewal. Premiums are guaranteed for each tranche.
Simon Burgess, managing partner at Burgesses, said: “Critical illness has never been sold in the way that it should be have been. CriticalCash is non-FSA regulated and provides an excellent opportunity to mass mail clients with an insurance which provides real and tangible benefits at an affordable cost with simple underwriting and acceptance criteria.”
IFA commission is 30% per year
