The Association of British Insurers has issued a 'Statement of Best Practice for Critical Illness Cover'.
The statement, produced by the ABI's critical illness working party, is designed to provide clearer product information and enable easier comparison between policies for both insurers and intermediaries.
The statement has been prepared taking into account the views of product providers and IFAs as well as the PIA Ombudsman and the Office of Fair Trading.
The main features of the statement include core conditions, generic terms, definition of assessment periods and shows certain common terms have the same meaning.
It also proposes model wordings for certain conditions in order to establish a core level of basic cover. But the ABI say this core is not intended to prevent companies providing additional benefits.