Critical Illness News
Critical illness insurance sector set for shake up
The critical illness insurance landscape is set for a consumer-friendly shake up that could result in the reduction of the number of declined total permanent disability (TPD) claims made on the cover, it has emerged.
According to Health Insurance, new proposals for streamlining the sector in "a radical, consumer-friendly way" are set to be unveiled by the Association of British Insurers (ABI) in a discussion paper.
Independent financial advisers and their clients are being encouraged to give their views in the consultation, which the website has stated is geared to do away with complaints about TPD claims that are turned down every year.
Nick Kirwan, the assistant director of health & protection at ABI, is quoted by the publication as stating: "After producing the guidelines on non-disclosure, TPD was the obvious next priority for industry discussion and consensus."
He added that "medical experts have been working on this, looking at the causes of TPD claims" in a bid to discover what the trigger point for the claims is.
Of the three per cent critical illness claims that are made for TPD, more than half (55 per cent) are turned down, the website reported.
Critical illness insurance premiums are lower for non-smokers, moneysupermarket.com research showed recently.
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