Chubb Life is removing the medical loading on its 10% lifetime reward benefit.
The benefit applies to all new life and trauma insurance customers so long as clients have a body mass index of between 18.5 and 24.99, and be a non-smoker at the time of taking out an assurance extra or assurance extra business policy.
Chubb launched its lifetime reward scheme in June with some exclusions, and between July and September more than 26% of all applications have had the discount applied.
“With the removal of the medical loadings and exclusions criteria, the number of your customers who will now benefit from this discount will increase even further,” states Chubb in a note to advisers.
The discount is available on new assurance extra and assurance extra business policies quoted and issued on or after 25 October 2023. It is also available on medically underwritten increases on assurance extra policies issued before 25 October 2023 where the increase is quoted and issued on or after 25 October 2023.
The discount is applied to the risk premium for the eligible covers only.
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