Product category:
Protection
News Release from: Moneysupermarket.com | Subject: Health protection
Edited by the Insidemoneytalk Editorial
Team on 14 January 2008
moneysupermarket.com comments on today's
significant ABI's announcement on
protection
Commenting on today's significant Association of British Insurers announcement on protection, Louise Cuming, head of protection at price comparison site moneysupermarket.com, said:
"The insurance industry's commitment to pay out on protection policies unless a claimant deliberately withholds medical information is most welcome "With consumer confidence as low as it is in the protection market, any move to improve this will be beneficial
This article was originally published on Insidemoneytalk on 23 Feb 2007 at 8.00am (UK)
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"This announcement - coupled with the Financial Services Authority's new Insurance Conduct of Business Sourcebook (ICOBS), which aims to improve selling practices for protection products - will have a profound, positive effect on the protection industry." Britain is an underinsured nation, so improving customer confidence and helping them understand policies is very important." moneysupermarket.com has the following tips when looking for protection: Don't always be lured by the lowest premium; look at policy coverage and extras within the cover to make sure you are getting the best value for money.
Make sure your answers are correct and give all of your relevant personal information and medical history, or a subsequent claim might be rejected.
Always review cover at life-changing events such as a change of job, having children, a change in marital status, increased debt or moving house.
When replacing a policy, always seek advice and compare like for like, as the premium may be cheaper but the coverage might not be as comprehensive.
Never cancel anything until the new cover is in place If the premium is too big for your budget, consider getting some initial critical illness cover that you can add to later.
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