The critical illness market should change to focus on the financial losses people face rather than the severity or list of illnesses included in product terms, according to protection industry officials.
Responding to the ABI Working Party’s critical illness best practice review, protection provider progress from Royal Liver suggests the emphasis on future proofing of CI policies is perhaps moving in the wrong direction and officials may need to look again at the wider drive to promote CI products over income protection. “Being able to make sure that people are covered against the conditions that impact their financial circumstances should be our first aim if we are to reduce the so-called ‘protection gap’,” says Royal Liver’s response to the consultation. “If we were to consider subs...
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