Summary:

The selling of Critical Illness Cover has been under review by the FSA. They are addressing some concerns in their report in an effort to protect the customer.

Critical Illness Insurance. Concerns for Cautious Customers. Page 2

Author: Dot Piper

Critical illness cover is, however, complex and some

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of the problems cropped up in the context of the financial promotion of the schemes and general insurance documentation. Customers sometimes have difficulty in comprehending exactly what they are being sold. Therefore it is difficult for { motor insurance } them to assess whether this is the correct cover for them, or whether a payment of income protection product would be more suitable.

The needs of the customer have to be taken into account and there should be a careful assessment of the type of protection which they need. However, where there were two or more types of policy, the cost was sometimes the only aspect taken into account when recommending the most suitable one. Other factors may have been left out of the equation, such as conditions covered or whether there were other products more suited to a particular client's requirements.

Miss-selling is a risk, but most firms had taken reasonable measures to manage this. There were found to be good training programmes and risk based { Car insurance } monitoring.

As is the case with prime mortgage payment products, customers have time to consider their options before they make the decision to purchase the cover.

The results of the survey offer some reassurance that the needs { cheap mortgages } of the customer are being protected and any changes to be implemented can only offer change for the better.