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Cancer screen could raise critical claims

The ABI is consulting its members over fears of a rise in critical-illness premiums following the Government&#39s plans for a nationwide prostate cancer screening programme.

Screening is likely to increase the number of diagnosed cases, leading to a massive rise in the number of payouts, meaning insurers would have to increase premiums.

Cases would also be detected early, leaving policyholders without cover as their condition would fall foul of the ABI&#39s definition of cancer as life-threatening.

The ABI is considering amending its definitions so insurers can provide cover for cancer detected in its early stages and when it is more advanced. The trade body says tiered benefits could be a way around the problem.

ABI spokesman Vic Rance says: “Although we welcome the screening process, we are looking at the effects on premiums and consumer choice and how best to minimise the potential impact.”


Down to Earth after the rocket science

After the long and tortuous build-up, stakeholder has finally launched. Given that awareness has long been identified as key to the success of stakeholder, the impact its launch made was always going to be important. Most of the providers say they were pleasantly surprised with the level of media coverage the launch achieved. The challenge […]

Don&#39t rely on compulsion as an escape route

The pension industry must not rely on compulsion to help it escape the 1 per cent nightmare. Of course, if all those employer-backed stakeholder plans and qualifying GPPs become compulsory, the numbers begin to look just possible. But is compulsion really on the agenda? Consider this scenario. In the two or three years after Labour&#39s […]

A pension policeman&#39s lot is not a happy one

Given that the Occupational Pensions Regulatory Authority has limited resources, no records of schemes being designated and no means of checking which firms have more than four employees, the only method of policing stakeholder compliance appears to be employee whistleblowing. Do the panel feel this is adequate? – Name and address supplied. NB: Whistleblowing will […]

Royal London enters stakeholder race

Royal London is joining the growing number of companies offering a stakeholder product, with the introduction of the Royal London stakeholder pension.The pension is aimed at lower paid individuals who are looking for a pension that fulfills the stakeholder criteria. Administration of the Royal London pension will be handled by Scottish Life. The pension offers […]


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