Refining the product

When insurers reprice or relaunch critical illness (CI) products they will often add new conditions. Reasons for doing this could include offering additional benefits to policyholders, remaining competitive and matching the Association of British Insurers (ABI) standard definitions. With the advent of ABI+ definitions, insurers may also take the opportunity to move to these as they 'enhance' standard ABI definitions by omitting certain clauses or exclusions. The question of whether it is possible to add retrospective cover to existing CI policies is an interesting one. It is worth discu...