Aviva UK Health announces new group critical illness product

Posted on Mar 16, 2010 by Sergio Ulloa (G+)

Aviva UK Health has added another product to its group risk lineup, with the new group critical illness insurance product giving it one of the broadest ranges of policy options in the top four group insurers. Aviva said the new product was in response to customer demand for cheaper benefits for employees that can be included in a flexible benefits scheme and also cited the fact that the group critical illness market has seen the fastest premium income growth per annum out of any risk group in the last few years. The group critical illness product allows for a choice between a standard list of procedures and illnesses or an extended list of coverage. All pre-existing conditions have been excluded from coverage in order to streamline the application process and reduce administration, removing the need for full medical underwriting. The group critical illness product pays benefits up to five times the worker's salary with a maximum of £500,000 (US$752,608). The way Aviva's new product is intended to work is that once the employee has been diagnosed with an illness on the pre-determined list or has a surgical operation on the list and survives for 14 days, then the employee is paid a cash lump sum which they can use as they see fit, such as to pay for treatment or pay off mortgages, bills, etc. Companies Mentioned: Aviva UK Health The UK Health insurance branch of Aviva Group is the UK's third largest private medical insurer. They have 1800 employees providing health insurance and income protection plans to individuals and corporate clients from the largest of companies to small and medium enterprises.