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PFS supports CI name but rejects tiered cancer cover

The Personal Finance Society says the name of critical-illness insurance should be kept despite industry objections but two-tier cancer definitions are not a viable option.

In response to the ABI’s consultation on best practice for critical illness, the PFS says CI should not be rebadged despite concerns it can mislead consumers. It warns that any move to tier cancer cover will confuse consumers and advisers.

The PFS ran an industry workshop last week for reinsurers, providers, IFAs and networks to help shape its response.

Much of the debate was on the need for protection products to be explained clearly without adding to paperwork.

Royal Liver IFA market manager Andy Milburn says: “More should be done to ensure advisers have done everything possible to explain to the client.”

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