Price comparison website Moneysupermarket.com has come under fire for listing Virgin Money’s cancer cover as one of the cheapest joint life and critical-illness policies.
Highclere Financial Services partner Alan Lakey says people searching for cheap joint cover might buy Virgin’s policy assuming it insures against a range of critical illnesses, not just cancer.
Virgin’s product only pays out if the policyholder is diagnosed with cancer or in the event of death and advisers believe comparing it with joint cover could mislead consumers.
Lakey says: “This product cannot be compared. It does not give comprehensive cover so should not be compared alongside life and critical-illness policies that do give comprehensive cover. It is like comparing a goat and a dog.”
Moneysupermarket.com protection sales manager Emma Walker says: “The life and critical-illness cover section is the most appropriate place for this product. It is a form of critical-illness cover that pays out for cancer and once the client is directed to the Virgin website it is clearly explained. It is an important product and if we do not put it there, consumers will not come across it.”