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20 Apr 2024
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ABI nitiative to ensure consumers get the best out of critical illness insurance

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ABI - best critical illness insurance

An initiative aimed at ensuring consumers get the best out of their critical illness protection has been launched by the Association of British Insurers (ABI).

In a bid to replace the total permanent disability (TPD) clause featured in critical illness insurance policies, the ABI has launched a three-month consultation to examine the matter.

The exercise is aimed at ensuring consumers clearly understand what conditions are included or excluded in the cover by replacing TPD with "a set of carefully worded definitions".

According to Bernie Hickman, the managing director of protection at Legal & General and chairman of the ABI's protection development committee, it is vital to ensure consumers know what they are paying for.

"Research and day-to-day claims handling experience has demonstrated that too often, customers don't understand what 'total' or 'permanent' means in the context of disability," he explained.

"This means that they claim for total permanent disability but end up disappointed when they are declined or payment is deferred," he said, adding that "the industry exists to pay claims when they are needed most".

Health Insurance magazine recently reported that of the three per cent of critical illness claims that are made for TPD, 55 per cent are turned down.

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ABI initiative to ensure consumers get the best out of critical illness insurance