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The Life Insurance Market
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Aviva is introducing premium reductions when Cancer or Multiple Sclerosis exclusions are added to one of its critical illness plans.
This means customers who have Cancer or MS excluded as a condition from their policy (and therefore cannot claim if they are subsequently diagnosed with one of these conditions) will have their premiums reduced.
Aviva is the latest insurer to begin this initiative. Bupa were the first insurer to offer premium reductions for exclusions and were followed by Fortis, who extended it to Income Protection products too, when they joined the market in July 2008.
Since LifeSearch began campaigning for all insurers to follow suit last February LV=, Legal & General, Zurich, Axa and now Aviva have begun their own offering. Aviva also offer premium reductions for spinal and mental health problems on their Income Protection policy.
It is good for consumers and good for the industry as it reduces number of policies 'not taken up.' Aviva and all the other insurers taking part in this consumer-friendly initiative are to be applauded. When will the rest catch up?
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