Life insurance is a cornerstone of financial security, offering peace of mind to individuals and their families by ensuring that loved ones are cared for in the event of the policyholder’s passing. In 2024, the UK life insurance market is estimated to be worth a staggering £71.4 billion (source: Ibis World).
While traditional life insurance remains vital, evolving financial needs demand innovative solutions that provide enhanced benefits, greater flexibility, and better value for money. In this blog, we introduce a modern alternative: Multi-Claim Critical Illness insurance. We’ll explore what critical illness cover entails, how multi-claim policies work, and what determines their fairness. Finally, we’ll unveil Dividend Life, a transformational life insurance product from Assura Protect, designed for today’s world.
What is Critical Illness Cover?
Critical illness cover is an insurance policy that provides a tax-free lump sum payout if you’re diagnosed with a serious, long-term condition specified in your policy—such as cancer, a stroke, or a heart attack. This payout can help cover medical expenses, replace lost income, or fund necessary home adaptations.
However, there’s a major limitation: with traditional critical illness cover, your policy typically ends after a single claim, leaving you unprotected against future illnesses.
What if You Could Claim Multiple Times?
Imagine a policy that offers peace of mind not only for one critical illness but also for multiple health events over time. That’s exactly what Multi-Claim Critical Illness insurance provides – a way to safeguard your family’s financial future across multiple claims.
But what exactly is “multi-claim” and how do you assess whether a policy offers fair and reasonable coverage? Let’s break it down.
What is Multi-Claim Critical Illness Insurance?
Multi-Claim Critical Illness insurance is a next-generation policy designed to cover multiple serious health events throughout the policy term. Instead of ceasing coverage after the first claim, this policy allows for multiple claims across various illnesses, offering extended protection.
What Determines the Fairness of Multi-Claim Policies?
The fairness of a multi-claim policy depends on several factors:
Coverage: Policies should cover a wide range of serious conditions, ensuring meaningful protection.
Claim Limits and Categories: Some policies segment conditions into categories (e.g. cancer, cardiovascular issues, organ failure) and allow multiple claims across these categories – up to a maximum benefit of 200% of the initial sum assured.
Clear Terms and Conditions: Fairness also lies in transparency. Policies must provide clear explanations of exclusions, limitations, and payout structures. Reviewing these details ensures you understand your coverage.
Introducing Dividend Life: Better Cover, Longer
Assura Protect’s Dividend Life redefines life insurance by combining life and critical illness coverage with groundbreaking features that empower policyholders. Here’s why it stands out:
200% Multi-Claim Critical Illness Cover
- Covers 40 major conditions and 6 additional partial conditions.
- Allows up to three major condition claims, with a maximum payout of 200% of the initial sum assured.
- Unlike traditional policies, your life insurance coverage continues even after a critical illness claim, ensuring long-term peace of mind.
200% Dual Life Cover
- Protects both partners individually, providing payouts on both deaths – not just the first.
- Coverage for the surviving partner remains intact after the first claim.
- Allows for separate beneficiaries, simplifying estate planning.
Doctor-on-Demand Service
Providing digital GP Services, Doctor-on-Demand provides the following:
- Access to 24/7 UK-based GP consultations via video or phone, from anywhere in the world.
- Same-day appointments for prescriptions, sick notes, or specialist referrals.
- Unlimited consultations included with every Dividend Life policy.
Life-Empowered Membership Benefits
- Annabel Rewards: Discounts and cashback from over 300 brands, helping families save up to £2,500 annually (2023 estimates).
- Concierge Services: Assistance with everyday tasks like booking a plumber or planning a holiday.
Why Choose Dividend Life Over Traditional Policies?
Comprehensive Coverage: Dividend Life’s 200% Multi-Claim Critical Illness cover offers protection for multiple health events, providing unmatched financial security.
Flexibility: Unlike traditional policies that end after one claim, Dividend Life keeps you protected – even after making critical illness claims.
Better Value: With competitive premiums and added benefits, Dividend Life delivers exceptional value for money.
Peace of Mind: Separate beneficiary options, dual-life coverage, and extended protection ensure that your loved ones are cared for, no matter what life brings.
Get Started with Dividend Life
Dividend Life from Assura Protect provides a modern, empowering alternative to traditional life insurance. With features like 200% Multi-Claim Critical Illness cover, Dual Life benefits, and innovative value-added services, this policy offers Better Cover, Longer.
Ready to secure your family’s future? Compare Dividend Life with other UK insurers and get a complimentary quote today.