Aegon UK has made changes to its multi-benefit proposition for both personal protection and business protection. 

The changes include improved definitions, an increase in the level of cover and the extension of age limits.

The critical illness changes have focused on definitions for the top reasons for customer claims – cancer, heart attack and multiple sclerosis.

Aegon UK says it has simplified Heart Attack definition by removing the need for specified troponin levels and making it easier to claim.

It has also removed the need to see three continuous months of symptoms for Multiple Sclerosis.

In addition, it has introduced a carcinoma in situ of the breast definition, an early form of breast cancer, to replace mastectomy. This is an additional critical illness benefit which pays 25% of the benefit amount, over and above the original benefit amount, up to a maximum of £25,000.

For income protection, Aegon UK has increased the age limit of cover from 65 to 70 and the sum assured from £130,000 to £150,000 for individual only.

It has also introduced an income promise, to protect the customer against a drop in income after the policy has started and removed all standard exclusions.

As part of the changes a joint life separation option has been introduced and all Family Income Benefit policies now offer guaranteed rates.

Dougy Grant (pictured), protection director at Aegon UK, said: “We need to recognise the trend of increased life expectancy and longer mortgage terms which means people are continuing to work beyond the traditional retirement age. It is more important than ever to make sure that clients can keep their financial plans on track with a range of protection products that guard against life’s uncertainties.

“As a company it’s our ambition to increase the number of families and businesses that are protected financially. The breadth and depth of the changes recognise the need for advisers to be able to create a package of high quality solutions, within one menu plan, to make sure they can tailor their advice for the individual needs of their clients. The enhancements will meet that challenge and make sure that when these valuable benefits are needed the most, we’ll be there to help support them. We’ve concentrated on the top reasons for making a claim so that we can pay even more claims.”