Will the ABI's new definition of prostrate cancer for CI policies affect life cover?
The ABI has changed the cancer definition under critical illness (CI) cover as a result of the proposed screening programme for prostate cancer. The revised definition now excludes early-stage cancers that can now be detected and treated sooner, before they become life threatening. This means that the definition adopts similar lines for treatable prostate cancers, as it does for treatable skin cancers and carcinoma in situ.
Of course the new screening programme is extremely good news for all males aged over 50, whether or not they have CI cover. After all, cancer of the prostate is one of the most common cancers affecting British men. In fact, over 10,000 men die from prostate cancer annually in the UK and the programme is intended to reduce this.
What does the change in definition mean for your clients?
Well, male clients who already have CI cover, will benefit from their existing (wider) definition for cancer. Clients who take out CI cover under the new definition will still have good cover, since only the less severe forms of the cancer are excluded.
And what about life cover? Although it is too early to tell, the long-term outlook could be positive for new life cover policies. That is because if the screening programme is effective, then more men with prostate cancer will have it detected ' and treated ' sooner. That means fewer should die from the disease. Therefore, if mortality in males improves as a result of the screening, then life cover rates could reduce.
However, it is worth remembering we are just at the beginning of this road. We may have to wait several years before we have some credible data to work with and can see if this prediction for life cover rates will come true.
Shelley Robertson
