HSBC has welcomed Virgin Money's Cancer Cover Policy but is warning consumers not to get critical illness cover and the new policy confused.
After the announcement of the Cancer Cover Policy based of the advancement of the illness on Monday, HSBC was quick to explain the difference between Virgin Money's latest offering and health cover in general.
Craig Colton head of HSBC Life UK said: "Comparing the price of a cancer-only policy with that of a full life and critical illness policy is like comparing "third party fire and theft" will "fully comprehensive" car insurance.
"They're different types of policy. A cancer-only policy may suit some people. But as heart and other circulatory diseases make up over 33 per cent of critical illness claims, it makes sense to consider the wide cover included in a comprehensive life and critical illness policy."
Mr Colton explained that HSBC's Life and Critical Illness cover includes benign brain tumours and other critical illnesses as well as the range of cancer related illnesses that Virgin has covered.
"HSBC Policyholders are covered from the day their policy starts and would normally receive 100 per cent of the sum assured at the stage of illness termed 'intermediate' by the Virgin product (which would only pay 25 per cent)," he added.Click here for more information on medical insurance
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