HSBC makes substantial improvements to its critical illness plans

Occasionally we relate a series of changes that have minimal impact to the value of a policy, a deckchairs on the Titanic arrangement which can prove dispiriting. So it is pleasing to report on a what is effectively a complete contract redesign by HSBC which provides extensive enhancements.

HSBC has retained its two-pronged approach with a Core Critical Illness product and the superior Critical Illness Plus, but has engineered numerous changes. The majority of these changes relate to the Critical Illness Plus version which has been substantially enhanced in value, thereby enabling it to compete against those quality offerings in the market.

The Core plan has 38 named 100% conditions and includes two additional payment conditions (less advanced cancer of the breast or prostate) and pays the lower of £25,000 or 25% of the sum insured.