The Protection Review has unearthed evidence that advisers who sell Critical Illness (CI) on price and do not discuss early stage cancers, are doing a worse advice job than comparison sites.
Kevin Carr, chief executive of the protection review, explained: "In Protection Review adviser training sessions we talk about how CI policies vary, including early stage cancers and there are always a few who say ‘this is all too complicated, why can't they all be the same'...
"We always said advisers need products to vary in order to add value to their advice and differentiate from non-advisers.
"However, we now show a comparison site driving customers away from buying the cheapest, without giving advice."
When providing quotes for critical illness cover PayingTooMuch.com shows five ticks or crosses for each insurer to indicate extras such as which early stage cancers are covered and which aren't.
Michael Ward, managing director of PayingTooMuch.com, said: "What we are finding that is that such information is driving people to purchase more comprehensive products on a non-advised basis, even if they cost a little bit more.
"For example we see male lives selecting Ageas on the basis of their male cancer definition and females go to Friends Life for the same reason."
He added that, when provided with clear and simple information, almost no customers buy reviewable plans when given a clear choice.
"So the difference this year," concluded Carr, "is that we are now saying that advisers who sell CI on price and don't talk about early stage cancers are not the same as a comparison site, but in fact worse."
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