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Swiss Re call to axe cancer conditions

Swiss Re is calling on the Association of British Insurers to scrap two of the cancer conditions covered under its new critical-illness definitions so consumers cannot claim for them, Money Marketing understands.

The reinsurer is believed to have told the ABI that it wants the cancers to be taken out of the conditions covered before they come into force next April, warning that they could push up premiums by 1 or 2 per cent.

The definitions cover two types of rare myeloproliferative cancer disorders. Conventional medical evidence states these are pre-malignant conditions but they can become malignant and develop into conditions, such as Leukaemia.

The new definitions state that the consumer will only be covered if the condition becomes malignant but it is understood that Swiss Re does not want the conditions to be covered at all.

Swiss Re is expected to present its proposed chan- ges to the definitions later this month.

ABI protection committee chairman Nick Kirwan says: “This could be a case of doing nothing, issuing a clarification, amending the CI definitions’ guide or, only if absolutely required, amending the definition itself.”

Swiss Re head of client team, marketing and UK globals Peter Elliott says: “Like other members of the ABI committees, we provide regular and timely input and feedback on a range of subjects, including the definitions that form part of the ABI statement of best practice for critical illness.”


Alliance & Leicester launches offshore bond

Alliance & Leicester International has launched a one year fixed rate bond with a fixed interest rate of 5.5 per cent.Customers can deposit between £5,000 and £1m into the bond which matures on October 31 2007.Savers have a choice to have their interest paid on the maturity of the bond or on a monthly basis. […]

Which? should pay up or shut up

I note that Which? claims to have visited 57 adviser firms. If these firms charged, say, just £200 each for the advice, this would have cost Which? £11,400. If Which? believes fee-based advice is best, it should put its money where its mouth is and pay these firms or shut up. Just think how expensive […]

Skipton launches rate rise protection with 7-year fix

Skipton Building Society has launched a 7-year fixed rate mortgage. The news comes amid expectations of an imminent base rate rise to 5 per cent, which many commentators say is leading borrowers to protect themselves against such rises with longer term fixes.Thee two options for the mortgage are a rate of 4.99 per cent with […]

Woolwich launches City Bonus mortgage

Woolwich has launched what it is calling the ‘City Bonus’ mortgage to target bankers, brokers, consultants and entrepreneurs who expect large bonuses this winter.It says that only those who wish to borrow over £500,000 need apply. The new discounted tracker with an offset facility starts as a 0.51 per cent discount below the bank’s base […]


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