Alan Lakey, director of CIExpert, examines the reasoning behind taking out a stand-alone critical illness policy and the role of the Financial Ombudsman in the take-up of the product.
The Financial Conduct Authority recently released product sales data for 2020. One major surprise was the 125% increase in the sales of stand-alone critical illness (CIC) policies. Their figures showed 54,028 policies sold which represents 12.6% of all CIC sales. What is the rationale for this increase, up from 6.2% in the previous year? Could it be that these are non-advised sales? I say this because there doesn't appear to be any sound reasons for selecting a stand-alone plan rather than a combined life/CIC plan. This is possibly filtering down from the networks. When talking to ne...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, key trend analysis and industry insights.
- Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
- Receive breaking news stories straight to your inbox in the daily newsletter.
- Members only access to monthly programme 'The COVER Review'
- Be the first to hear about our CPD accredited events and awards programmes.
