CIExpert has upgraded its online knowledgebase for advisers, adding tools to simplify comparing a critical illness policy with one that a client has previously acquired
Assessments on the online knowledgebase dedicated to critical illness insurance can now be based upon statistics of an event occurring behind definitions and claims experience to weigh the relative merits.
Affiliate members are now able to compare current plans with an extensive range of historic plans.
Alan Lakey, director of CIExpert, said: "Whilst it might seem natural to assume that a more recent plan is superior that isn't necessarily the case as subtle changes in wording can have a significant influence on the statistical likelihood of a claim.
"Some historic plans are likely to prove more valuable than current versions because of wider cancer definitions and the inclusion of coronary angioplasty."
The new system is designed to ensure that superior historic plans are not inadvertently replaced and produces a audit trail document, which shows compliance and backs up the advisers decision.
The second upgrade allows a precise sum assured to be input. The system previously provided results based on a £100,000 sum assured. This improvement ensures that partial payment conditions and children's cover are not allowed to overstate their worth and are included into the assessment comparison.
Peter Chadborn, director at advisers Plan Money, commented: "This additional functionality covers an area that is extremely time consuming and complex and so is a very welcome addition to ensuring our CI research is accurate and thorough."
This significant upgrade is being made available at no additional cost to associate members.
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