AIG have recently replaced their old Critical Illness cover with a new and improved version known as Term Assurance with Critical Illness Choices. The goal is the same – to offer cover to customers in the event that themselves or a loved one develops a critical illness; is diagnosed with a terminal illness with a life expectancy of 12 months or less; or passes away.

What is different with the new offering is in the wording of the product name, “choices”. Customers will automatically get the standard cover which will cover them for the core critical illnesses. This is great for those that want a lower cost critical illness cover, but for those that want additional benefits, they can customise their policy to suit their needs and budget. The options available at an additional cost are enhanced critical illness cover, children’s cover, waiver of premium and total permanent disability.

AIG’s enhanced critical illness insurance covers even more illnesses than the core cover and includes pregnancy cover which protects expectant mothers who experience difficulties during their pregnancy.

AIG have decided to discount children’s insurance from the core cover so that those without children are not expected to pay for it. Meanwhile, those who do wish to cover children, instead have the option to customise the cover to suit their needs and budget. Included in children’s insurance is critical illness cover, birth defect cover and life cover.

As with the previous critical illness cover AIG offered, customers are offered the option of waiver of premium. This means that they do not have to pay premiums if they are incapacitated for more than 26 weeks, as well as the option of total permanent disability, which means that if the insured has an illness which has resulted in a permanent disability, the sum assured will be paid out.

This updated policy offers a fairer resolution for customers, and makes it easier for financial advisors to tailor the cover more specifically to their customers, as the cover will focus on the impact the illness has on the insured and the surgeries they need, instead of focusing solely on the name of the illness. This offers a safety net to customers with obscure illnesses, as beforehand their exact illness may not have been included in the list of illnesses covered by the policy which could then have resulted in an unsuccessful claim despite the fact that their illness impacts their lifestyle and/or requires the same surgeries as the illnesses covered by the policy.

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