Unum has announced a number of significant changes to its Group and Voluntary Critical Illness (CI) products.
These include improvements to the Automatic Entry Limit (AEL), an extension to the Temporary Cover Provision and an extension of the definition of a ‘partner’ for Voluntary Critical Illness cover.
Under the Voluntary CI extension, a broader definition of the term ‘partner’ will be allowed that extends beyond the current definition of ‘legal spouse’ and ‘civil partner’. The definition can be supplied by the scheme member.
A typical definition would be a person, other than their legal spouse, who is over the age of 18, is not a relative of the employee, is financially dependent upon them, is sharing the same main residence and has been doing so for a specified period (minimum 6 months). However, the definition of ‘partner’ must be agreed by Unum before it will assume the risk.
Unum has also changed the application of the Automatic Entry Limit for its Group and Voluntary CI products so that it operates like a Free Cover Limit. This means that all eligible members may have at least £150,000 cover, subject to a pre-existing exclusion. This change brings Unum’s Group CI cover into line with its other group products.
The extension to the temporary cover provision, which also applies to Unum’s Group and Voluntary products, means the cover will now apply for two months either from the date the member joins the policy with benefits above the AEL or from the effective date of an increase in benefit above the AEL.IFAonline
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