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Lifesearch reignites debate on retrospective CI cover

Lifesearch head of protection strategy Kevin Carr has reignited the debate around life offices to apply any new critical illness conditions they cover retrospectively.

Lifesearch has been calling for providers who added conditions, that were not previously covered, to add these conditions retrospectively – backdated to a suitable point in the product history, dependent on technology.

He says: “The protection industry is missing a huge opportunity here to score some real brownie points with the consumer and the media, which is much needed, and so we’re keen not to let this one slip away without a proper debate, which we don’t feel as happened as yet.”

Carr says Lifesearch has never suggested that new definitions for conditions already covered should be backdated. This removes the concern about whether or not the new definitions are better than the old, he says.

He also quashed some of the arguments against this move, such as that it would be costly to write to existing policyholders, that consumers would find it confusing and that policyholders with reviewable premiums might have to pay more.

He says: “This is not difficult, not costly and it has been done before. Surely we would rather boost consumer confidence in CIC than just kick-start another price war?”


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