AIG in the United Kingdom has released a new form of critical illness cover, that is only applicable for the three main causes of claims: cancer, heart attack, and stroke.
Key3 cover pays a lump sum on diagnosis, and offers simpler, cheaper cover for the three main medical conditions. Key3 can be bought with or without life insurance.
The insurance is meant to be appealing to those who aren't already insured due to being on a tighter budget, not wanting full financial advice, and younger, single people who rent.
This comes on the back of Australian insurers dipping their toes into new, simpler products that favour outcomes for consumers, for example AMP's latest creation, a definitionless total and permanent disability product. This new product is based only on one's ability to return to work, and everything is measured by that one yardstick.