Future proofing protection and our biggest cover upgrade yet

When are existing customers treated as well as new ones?

I can’t think of many examples. In a world obsessed with acquiring new customers, the loyalty of existing ones often seems like an afterthought. Deals, discounts, and preferential treatment are frequently dangled in front of new customers, while long-standing ones are left wondering where their reward is for sticking around.

Why is loyalty so often overlooked, and what can companies do to truly value their existing customers?

At Guardian, we believe that existing customers should be treated as well as new ones. Which is why when we came to market in 2018, we did so with our cover upgrade promise. It’s our promise to policyholders that if we improve our critical illness definitions after their policy has started, we’ll give those improved definitions to them as an existing policyholder.

This means they can claim on any of the definitions listed in their policy terms and conditions, or any improved definitions we subsequently add.

And we’ve just made our biggest cover upgrade yet. Across our adults and children’s critical illness cover, we’ve added 5 new definitions, upgraded 24 existing definitions, made neutral wording changes to 16 definitions and rewritten 3 for greater clarity on when we wouldn’t pay a claim. And even better, we’re giving all these updates to new and existing customers at no extra cost.

We recognise that critical illness cover must be both reliable and adaptable. It needs to pay out when expected and keep pace with the ever-evolving landscape of medical science.

Which is why we’ve made a couple of key changes to our critical illness cover. For example, under our updated definitions, policyholders undergoing a major organ transplant will still receive a payout even if they receive an artificial organ or an organ from an animal. We know that scientists are employing cutting edge tools and techniques to create artificial organs¹, it’s a medical development that’s happening now. And we want to acknowledge the rapid progress in medical technology and make sure our definitions stay relevant now and in the future. By future proofing our critical illness cover we’re offering your clients peace of mind that they won’t be left behind as medical research advances.

We’ve also removed our surgery cover definition, which previously offered a partial payout for specific procedures. Instead, we’ve improved those definitions to include a 100% payout on placement on the NHS waiting list. At the same time, we’ve added 4 more 100% payments and included 2 conditions which will pay out an additional payment amount should they be placed on an NHS waiting list. In February 2024, 305,050 people waited more than a year for their treatment on the NHS². This change aims to provide crucial financial support when it’s most needed. We understand the strain of waiting for treatment, and we believe our updated definitions will offer greater financial security during those difficult times.

We’ve seen the tangible difference our cover upgrade promise has made. John (not his real name), who took his critical illness cover in July 2019. John’s policy included a Parkinson’s disease definition requiring permanent clinical impairment of motor function and both associated tremor and rigidity. Later that year, we updated this definition to require permanent clinical impairment, including either tremor or rigidity.

In 2023, John was diagnosed with Parkinson’s, experiencing tremor but not yet rigidity. Under his original policy, his claim might have been denied. However, thanks to our cover upgrade promise, we assessed his claim against the updated definition and John received a full payout.

It might seem like a small change in the definition wording, but it made a big difference to John.

It just goes to show the difference our cover upgrade promise can make. Next time you’re talking about critical illness cover with your clients, consider sharing the news of our cover upgrades and John’s story. It’s a story of innovation, commitment to looking after our customers, and a genuine desire to protect the people who matter most.

Find out more about our Critical Illness Protection here: Critical Illness Protection

Source