View more on these topics

CBK says submit records to stop non-disclosure

Non-disclosure could be eradicated if clients submitted their full medical record to insurers alongside their protection application, according to CBK principal Peter Chadborn.

Norwich Union is researching a guaranteed protection product in a bid to reduce non-disclosure but Chadborn says this could confuse consumers by suggesting that non-guaranteed products are a gamble.

Chadborn believes he has devised a more effective way to kill off non-disclosure. He says if advisers submitted a copy of their client’s medical records with the policy application for insurers to review when underwriting, this would enable insurers to be sure of clients’ pre-existing medical conditions.

Copies of medical records, which GPs are required to provide within two weeks of a request, cost £10 to £50 but Chadborn believes insurers would prefer to reimburse clients for their medical records than pay for a GPR which is around £80.

He says: “Using this procedure, the insurer cannot claim reckless or inadvertent non-disclosure because they have been provided with all but a medical and both the adviser and the insurer will improve their persistency levels because the client will better understand the policy’s value. It is hard to deny that this process will improve TCF.”

He is now asking other advisers and providers for their views.

An education in non-disclosure

Recommended

Sense of duty

There is nothing like the threat of a general election to galvanise the opposition party and the Tory Party conference in Blackpool did not disappoint. Faced with the threat of a sudden November election, the Tories made impressive efforts to finally distance themselves from Labour with some tax breaks aimed at Middle England.

Positive thoughts

A look at the opportunities that await those with foresight and planning

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