AXA Sun Life, SMA Pegasus and Swiss Life have been awarded top marks for their critical illness prod...
AXA Sun Life, SMA Pegasus and Swiss Life have been awarded top marks for their critical illness product offerings by Cover magazine, Investment Week's sister publication.
Cover has established a set of benchmarks - Covermarks - with which to assess all IFA critical illness contracts on the market in terms of breadth and quality of cover. AXA Sun Life's Lifecare, Pegasus' Business Assurance and Swiss Life's Solutions were the only contracts to meet all five benchmarks.
The five levels were based on comprehensiveness of cover, compliance with ABI model wordings, availability of an own occupation definition for permanent total disability, flexibility and innovation. Assessment for the benchmarks was based on a combination of providers' resp-onses to Cover surveys, the Research Department's database and the views of an independent panel of judges comprising reassurers and IFAs.
Lifecare is AXA Sun Life's non-qualifying unit linked whole of life policy which can be split into into four separate policies. The Pegasus Business Assurance Plan can be written on a term or whole of life basis and has innovative features such as critical illness buy-back and a long-term care conversion option. Swiss Life Solutions is a term-based range allowing a wide variety of Cover options. Those products achieving four of the benchmarks are: Clerical Medical Flexible Mortgage Plan; Colonial Serious Illness Plan; Royal & SunAlliance Progressive Protection; Scottish Amicable European Flexible Critical Illness Plan; Scottish Life Profitbuilder House Purchase; Scottish Mutual Homeowner Plus; Scottish Provident Self Assurance Term; Skandia Life Lifetime; Pegasus Personal CI plans; Standard Life Homeplan and Zurich Life Critical Illness Plan.
Full details of the Covermarks criteria and results can be found in the February issue of Cover.
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards