UnumProvident has launched Elixia 123 - a tiered critical illness cover.
The company says it differs from other critical illness policies because they tend to offer wide-ranging protection for many illnesses.
It says it believes that cover should be more precise, and should go back to focusing on really serious illnesses.
Its Elixia 123 policy is split into three categories of ascending severity, so customers can choose the type they want and only pay for that.
UnumProvident believes that giving this choice of cover will reduce some clients' premiums by as much as 50%.
Marketing director Eugene McCormack explained why the company had embraced what it feels is a strong business opportunity: "Our research shows that 34% of people fear they have a good chance of suffering a heart attack or being diagnosed with cancer.
"However, despite this, only 4.2% of the working population has this cover."
