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Unum rethinks CI over code fears

Unum has been forced to change its new critical-illness product following a meeting with the ABI&#39s critical illness working party, which had expressed fears that the product could fall foul of its code of business.

The company has agreed to add cover against heart attacks, strokes and cancer in one of the categories in its Elixia 123 product.

The working party had wanted to review some of the terminology used in Unum&#39s product literature, saying it was worried that some of its complicated medical jargon would fall foul of the code.

Scottish Provident head of marketing and product development and committee chairman Nick Kirwan says he had concerns that the product was drifting away from the traditional definition of critical illness and says the point of the meeting with the working party was to ensure the terminology of the product does not confuse consumers.

Kirwan says: “CI products should cover heart attack, cancer and stroke and should use clear language. The very complex nature of some these medical definitions would require significant levels of medical knowledge.”

Unum director of marketing Eugene McCormack says: “When designing the product, we considered the ABI code of practice. In the main, we followed the definitions within the code.

“But there is a need to recognise that medical definitions have overtaken the product and perhaps the code, too, has been overtaken by those definitions.”


R&SA takes stake in Hodson

Royal & SunAlliance has bought a 12.5 per cent stake in Wakefield-based general insurance broker and IFA RP Hodson (Holdings) Ltd. The family controlled firm has 11 RIs and 200 staff in offices in London, Leeds and Wakefield.

David Aaron appoints new sales manager

IFA The David Aaron Partnership, have appointed Ewan Boyle as their new sales manager.Boyle joins the firm that has doubled its numbers of RIs to 15, a move which the firm claims is in response to the popularity of its quarterly publication, Invest It. Chairman David Aaron says: “Ewan&#39s appointment will help consolidate our position […]

Kreis Consulting – Independent Pharmacy Care Centres plc

Tuesday, 2 April 2002 Type: Enterprise investment scheme Aim: Growth by investing in 30 &#45 40 pharmacies in the North of England Minimum investment: Lump sum £25,400 Opening/closing dates: April 6, 2002 &#45 November 30, 2002 Charges: Implicit Commission: Initial 2.5% Tel: 0141 564 1529

Our industry should be proud of its record

I hope that the following information may be of interest to your readers.In 1995, I sold a life and critical-illness policy to a friend – called Jane for the purpose of this letter. It supported her mortgage.She argued for some days over the inclusion of critical-illness cover and, of course, said it was not cover […]

International jurisdictions

By Neil Jones, Canada Life Investing through international providers has grown in popularity over recent years as investors seek out the benefits of gross roll-up and the wider range of investment options that can be available. When considering a recommendation for a lump sum investment, not only does the adviser have to select a suitable tax wrapper […]


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