View more on these topics

ABI has new name for TPD

The ABI is looking to replace the term total permanent disability with the name irreversible life-changing disability’ in a bid to reduce the number of TPD-related disputes.

The trade body has launched a consultation paper which proposes the new name for TPD and a range of standard definitions for the industry to adopt.

The paper also reveals the final revised definitions for cancer, Parkinson’s disease, terminal illness and the exclusion of pre-existing conditions in children’s critical-illness cover.

Irreversible life-changing disability has emerged as the proposed new name for TPD following a review last November when it was agreed that the cover should be renamed.

Spokesman Malcolm Tarling says: “In terms of the actual number of claims involving the definition of total permanent disability, there was a relatively high number of disputes where total permanent disability was an issue. And it was because of that that we decided to consult on revising the wording to ensure that the new wording was clear in the minds of consumers.”

But Master Adviser IFA Roy McLoughlin says the jury is out on whether the change will reduce the number of rejected TPD cases. He says: “The industry needs convincing that whatever is replacing TPD is going to pay out. It is as simple as that.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com