HSBC Life UK has announced a series of enhancements to its critical-illness (CI) products, designed to improve support for customers facing serious health conditions.
The changes apply to new customers taking out CI Core and CI Plus policies. Key updates include top-up payments, updated definitions, pregnancy complications cover and accelerated payouts.
On the CI Plus product, policyholders diagnosed with one of nine listed conditions, such as motor neurone disease or Parkinson’s, will receive an additional payout of up to £200,000 (or the sum assured if lower).
Enhanced definitions across both CI Core and CI Plus products broaden cover, including improvements for less advanced prostate cancer and Parkinson’s disease.
CI Plus will now also pay £5,000 on seven types of pregnancy complications, such as stillbirth after 24 weeks, disseminated intravascular coagulation (DIC), eclampsia, or ectopic pregnancy requiring surgery.
HSBC said customer feedback guided this change, with 68% of surveyed respondents calling it important or very important.
Richard Waters, head of protection distribution at HSBC Life UK, said the changes reflected extensive feedback from advisers, customers and industry experts.
“We have developed a series of enhancements that ensure we can financially assist more people facing difficult health diagnoses,” Waters said.
“Our critical-illness payout rate of 94.4% last year highlights our commitment to paying claims, and our latest enhancements will make customers more financially resilient.”
Research commissioned by the firm found that 45% of advisers said clients would be more likely to purchase critical-illness cover if payouts were made as soon as they were added to an NHS waiting list.
Meanwhile, 60% said faster severity payments for private treatment would encourage take-up, and 67% said clients would be more likely to buy cover if early-stage cancer payouts could fund private treatment.
