The Association of British Insurers has called for help from IFAs, consumers, claims assessors and the Financial Ombudsman Service to create a new "user-friendly" reference guide of medical definitions for critical illness policies.
Protection providers have recently been under increasing pressure to review whether current CI definitions and medical conditions should continue to be included as illnesses eligible under the claims process as some conditions are now much easier to treat than others.
That said, the increasing complexity of medical conditions and terms has led some policies to carry different definitions to those offered by other firms, so the ABI is producing a simple reference guide to be used by the entire industry.
The ABI says the CI reference guide would facilitate "fairer and more consistent treatment of customers by insurers at the point of claim", improve "information through advisers at the point of purchase and the point of claim about what is and is not covered by policies", as well as produce "fewer disputed claims because there will be less confusion over the interpretation of medical definitions".
Any changes would be made in tandem to revisions of the Critical Illness Statement of Best Practice, which will incorporate forthcoming FSA regulation and improve disclosure of information in the period between completion of an application form and the day the policy actually starts.IFAonline
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