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hOW WE’RE HELPING ADVISERS UNDERSTAND AND SELECT THE BEST CRITICAL ILLNESS PLANS

hOW WE’RE HELPING ADVISERS UNDERSTAND AND SELECT THE BEST CRITICAL ILLNESS PLANS

This week on Protection Guru we looked at several issues which will help advisers select the best critical illness plans in a wide range of circumstances 

Amanda Newman Smith’s Monday insight investigated splitting joint life policies following separation – how insurers compare.  Later that morning Rob Harvey published his Global MND Awareness Day – how is motor neurone disease covered in critical illness plans? which includes commentary from our medical panel about the condition, who tends to be affected by MND and how it is treated. It is really worth reading this analysis as it highlights a great example of why medical analysis of Critical Illness conditions is so crucial. One insurer insists they are the only company not to require a permanent symptom of motor neurone disease, however as the study identifies the doctors believe this wording is not materially different from anything offered by any other insurer.  

On Tuesday Amanda looked at who offers higher critical illness payments based on quality of life.  Our second insight of the day covered the second instalment of our May Protection Forum discussions on making protection more approachable. The forum was a really vibrant discussion with some great practical ideas shared. This summary will be invaluable for any insurer or reinsurer looking at the future of income protection products and equally for advisers it offers them valuable insight from their peers around how to get the best out of income protection plans. 

Wednesday’s analysis  from Amanda focused on which insurers make extra payments to younger clients with a critical illness. 

On Thursday Amanda investigated which critical illness policies come top if clients have a serious accident. In our second insight of the day Rob Harvey asked what are the details of AIG’s easing of Covid underwriting restrictions? 

We ended the week with our usual summary insight, this week looking back at the health insurance awareness days in May & June – six things you should read. Again, these studies will include some excellent insights from our medical team so really valuable for advisers wanting to have specialist knowledge to help clients with medical conditions. 

The next Protection Forum meeting will take place on Tuesday 6th July at 11am.  The agenda for this session is: 

  • What impairs advisers’ ability to sell income protection as part of a mortgage advice process or to existing mortgage holders? 
  • What are the potential impacts of the proposed new FCA consumer duty on protection advisers? 

Advisers can register for a free ticket to join the meeting via this link. 

This week on Benefits Guru Jason Green looked at understanding pension providers record keeping and data accuracy processes.  

Investment Forum will be taking a break over the summer.  The next meeting will be held on Tuesday 21st September at 2pm. More details will follow nearer the time. 

My understanding is we may get some more sunshine this weekend to make up for the miserable summer solstice earlier in the week so I hope you all get the chance to catch a few rays in the next few days. 

Have a great weekend.  

About The Author

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Ian McKenna is the founder of Protection Guru. A 40 year veteran of the financial advice and related technology markets. Having worked for insurance and financial advice firms in 1995 he set up Financial Technology Research Centre, which publishes Protection Guru over a decade before “fin tech“ was recognised as an industry term. He believes passionately that far more people can be protected by life insurance and related contracts if we can demystify these and make objective comparative information on policies more accessible.

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