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‘ABI’s plan for CII tiers will make it harder to claim’

The Association of British Insurers’ consultation paper on best practice for critical-illness cover has been slammed by Mac- millan Cancer Relief as making it harder to claim.

The ABI’s CII working party is consulting on whether to introduce two tiers of cover for cancer, including one tier which has a more restricted definition.

Macmillan Cancer Relief believes this will lead to customers having to prove the severity of their illness, making it harder to claim.

Further proposals include measures for future-proof- ing model illness definitions against the effects of med- ical advances.

Working party chairman Nick Kirwan says: “We hope that if the definitions can be more robust, we can encourage more people to enter the market. The product should be clearer and more affordable for consumers.”

Macmillan Cancer Relief head of campaigns and public affairs Ayesha Owusu-Barn- aby says: “The insurance ind-ustry is taking a backward step. This will make it harder for people diagnosed with cancer to claim. What point is there in taking out CI policies in the first place if insurers will not pay out?”

Direct Life and Pensions sales and marketing director Richard Verdin says: “The more we can do to help understand this product at the point of sale the better. We do not want to create a model that is unsaleable.”


Skipton launches new fixed rate mortgages

Skipton Building Society is launching new 3-Year and 5-Year Fixed Rate Mortgages, with rates starting from 4.59 per cent. The two 3-year fixed rates available to October 31 2008 are at 5.19 and 4.59 per cent. The 5-year fixed rate at 4.59 per cent is fixed till October 31 2010. There are no higher lending […]

Hogarth poised to set up new company

Former Bankhall chief executive Paul Hogarth is believed to be launching his own business despite still having a consultancy relationship with Bankhall. Premier Mortgage Services managing director John Malone says he will be embark- ing on a business relationship with Hogarth that will run parallel to both parties’ current contractual arrangements with the network. Although […]

Tax move to kill off s32 business

The pre-A-Day section 32 market has been virtually killed off by a Revenue & Customs’ move to block unnecessary pension transfers, says Norwich Union. NU head of pensions Iain Oliver says it is no coincidence that this move follows swiftly from the FSA’s warning that it will closely monitor all section 32 business and clamp […]

B&B plans to slash lender panel again

Bradford & Bingley will be looking to reduce its panel of twenty-five lenders by the end of October and cannot rule out it may be reduced to less than ten. This follows an initial reduction at the beginning of the year from an original panel of 50 lenders. Head of retail mortgages David Bitner says: […]


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