Critical Illness providers will be expected to comply with new illness definitions next year, which aim to cut down the number of declined claims. The changes to the Association of British Insurers 'Statement of Best Practice For Critical Illness Cover' which comes into force on 1st May 2007, are to help consumers understand exactly what critical illness insurance provides and what they can claim for, and to counter the problem of non-disclosure of pre-existing health conditions causing claim dismissals.
Changes to the statement include a new standard description of the product, fuller descriptions of the illnesses covered in the main body of information, and definitions stating exactly when claims should be made.
Our view
To gain clarification on illnesses is a good thing. It is difficult that so many different providers have different definitions for what constitutes a "heart attack". The new clarified standards are welcome.
Need a quotation? Get one online now.
Need some advice? Book a callback from an adviser.