From its conception by Dr Marius Barnard to its current incarnation, critical illness cover has changed dramatically. Bonnie Burns reports on how the product must continue to move with the times.
Over the last 18 years, the critical illness (CI) market has changed significantly. Definitions have been updated, conditions have been added and pricing has become more sophisticated. Insurers have had many different types of policies on their books and someone taking out cover today will have a very different product to someone who took a policy out in the early 90s. It is crucial, therefore, that providers of CI spend a lot of time researching the needs of customers and how these needs change. They also need to analyse demographic trends in order to support protection business. For exa...
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