Advisers need to do more to ensure customers know how important it is to avoid non-disclosure, Forum...
Advisers need to do more to ensure customers know how important it is to avoid non-disclosure, Forum delegates were told.
Addressing an audience of intermediaries, Christine Gallagher, divisional protection manager at Scottish Provident, said IFAs should highlight to their clients what could happen if they failed to disclose all the information needed when applying for cover.
This has not been done enough, she argued, pointing to recent data that showed 40% of consumers believe a critical illness policy will pay out for non-defined illnesses and that 31.6% of consumers believe they will receive a payment despite non-disclosing.
Gallagher urged advisers to be aware of signs indicating clients may have to be put on risk. "I am not saying intermediaries have to be an underwriter or doctor but they should try to be aware of the most common signs," she said.
