Nearly half of advisers are unaware that protection providers’ critical illness cover definitions are changing at the end of April.
In a survey conducted by The Exchange on behalf of Royal Liver, 48 per cent of advisers questioned were unaware that CI cover definitions are changing.
Out of 578 respondents, 86 per cent did not know how many conditions will be easier or harder to claim on.
When asked if a provider had trained advisers or their firms on the new changes, 91 per cent of advisers said no.
Royal Liver IFA market manager Andy Milburn says: “It is good that more advisers know about the changes, the figure has increased from 19 per cent in the first version of this survey in July 2006 to 52 per cent in March 2007.
“Sadly that is still far too low though. The really worrying statistic is the answer to the third question. Less than one in ten advisers have been given training by providers. That is just not good enough and proves the industry has not done enough to communicate these changes effectively.”