The ABI has today launched a public consultation on changes to its Guide to Minimum Standards for Critical Illness Insurance. Formerly known as the Statement of Best Practice for Critical Illness Cover, the Guide aims to help customers and advisers more easily compare products to help them make informed decisions when considering buying critical illness (CI) insurance.
The consultation runs until 26 January 2018.
The Guide was initially launched in 1999 and has been periodically updated since then. The proposed changes at this review include taking account of the significant medical advances in the detection and treatment of certain conditions, as well as a changing market that reflects product innovation and rising consumer expectations of CI insurance.
While the guide sets out a minimum standard for all CI products, insurers are free to offer customers cover above this standard, and the majority do. They can also provide cover for other conditions beyond the 22 defined in the new Guide.
Raluca Boroianu-Omura, Assistant Director, Head of Health and Protection, ABI said:
“Critical illness insurance is a crucial safety net to protect individuals and their families in the most difficult of times. Last year, insurers paid out just over £1 billion, with 92% of claims paid. The changes we are proposing to the Guide aim to make it easier for advisers and consumers to compare critical illness policies. During this public consultation we want to hear as many views as possible to ensure that the Guide meets its aims.”
You can access the consultation documents here.
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Notes for Editors
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