Ways to improve critical illness insurance

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Following discussions in the October 2016 London summit on protection insurance, Protection Review has published a white paper that looks at five ways in which critical illness protection insurance could be improved. This type of insurance pays out if the policyholder is diagnosed with a specific critical illness.

Protection Review is an independent expert on protection insurance. In its November 2016 white paper, it recommended five steps to make critical illness cover better.

The first recommendation is to simplify critical illness policies by arranging conditions into categories.

The second is for insurance companies to create niche products, such as those that cover just the ‘key three’ conditions of cancer, heart attack and stroke.

A third suggestion is to combine critical illness cover with income protection insurance.

Additionally, the white paper wants more constructive stories to appear in the media to counteract the public’s perception that insurance companies do not pay critical illness claims.

The last recommendation is to remove emphasis on cheap prices and instead stress the inclusiveness of policies that cover a range of clients.

Roger Edwards, the director of Protection Review, said:

“The five steps we’ve included in the white paper could lead critical illness cover back into growth.

“We look forward to working with providers, advisers and reinsurers to put these recommendations in place.”

There are many policies available to cover major expenses such as mortgage payments if someone loses their job through a serious illness. An independent insurance broker can source the best policies.

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