Quality analysis of decreasing term critical illness policies has been added to CIC Compare
CIC Compare's quality analysis facility, which according to the firm takes less than five minutes, has been updated to include decreasing term critical illness.
Available as a standalone product or added to Defaqto's financial planning solution Engage, CIC Compare allows advisers to compare new and historical critical illness (CI) policies on a whole market basis, including Vitality.
The methodology for scoring conditions, based on pricing information, focuses on definition quality rather than number of conditions. Scores allocated to each definition are based on the likelihood of being able to claim on the condition and can be weighted for male and female clients.
There are 32 conditions scored (including the 21 conditions set out in the ABI guidelines) accounting for 98.9% of UK claims.
CIC Compare also enables the comparison of policy wording for 113 other conditions and advisers can compare 145 conditions.
"CIC policies are complex and are constantly evolving," said David Cartwright, head of insight for wealth and protection at Defaqto. "These two factors make it time-consuming to compare older existing policies with new products. This, coupled with mortgage lenders looking to add critical illness insurance to strengthen the level of protection they have on the loan, makes accuracy and detail even more important.
"Defaqto's CIC comparison tool, CIC Compare not only enables advisers to make better-informed decisions and provide transparent advice it also reduces complexity, ensuring that advisers' clients end up with the most comprehensive policies with the most fitting wording of CI definitions for their specific needs."
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