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Royal Liver factsheet aims to end critical confusion

Progress by Royal Liver has produced a factsheet amid concerns that many advisers are judging criticalillness products based on their Defaqto rating rather than by comparing features.

The factsheet outlines the conditions which result in most claims on Royal Liver’s CI policies. Cancer, heart attack, stroke, total permanent disability and multiple sclerosis top the list, with the top eight conditions between them accounting for more than 99 per cent of claims.

Protection technical manager Mark Davies says the factsheet was produced in response to a number of adviser queries on which conditions were most frequently claimed for.

Davies says: “This sales aid shows that there is little extra benefit from adding CI conditions as the top eight, if you include total permantent disability as a critical illness, account for 99 per cent of claims.”

Bright Grey product manager Roger Edwards recently voiced concerns that many advisers are recommending policies based on their Defaqto score.

He claimed that Defaqto’s method of scoring could encourage CI providers to add illnesses simply to gain a competitive advantage.

Defaqto spokesperson Chris Johnson says: “We do not believe providers operate in this way or that advisers would rate products in such a quantitative manner. We think they consider the client sitting in front of them.”

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