According to life insurance news today, the Financial Services Authority have made it clear that the way in which critical illness cover is explained to customers must be reviewed and improved.
The FSA pointed out that many critical illness insurance sales are lacking key disclosures and information. Customers are therefore unable to understand the scope and limitations of their cover.
According to the reports, many policyholders remain confused over the cover. For instance, almost 70% think they can claim for any illness and are unaware that there are exclusions. Furthermore, some 30% are unsure as to why a claim may be rejected.
The FSA called for action to help consumers understand the insurance policy, a change that can only be led by the insurance companies . Disclosure needs to reach a higher quality, the association concluded.
Critical illness insurance sales need a review
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Critical illness insurance sales need a review
Mon, 20 Apr 2009
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