Protection

long term care

IPMI

Firms selling critical illness (CI) cover are making efforts to meet the required standards but they need to do more to show they are treating customers fairly, says the Financial Services Authority (FSA).

Providers will need to increase the expiry age of their new and existing income protection (IP) policies as a result of the government's proposals to raise the state retirement age from 2024.

The amount of money paid out in private medical insurance (PMI) claims and the number of people with PMI cover through the workplace reached record levels in 2005, according to figures from the Association of British Insurers (ABI).

Industry experts have suggested numerous ways income protection (IP) can be reformed, following a report published by Swiss Re yesterday which states IP needs a radical review to prevent it becoming "a marginal product".

Income protection products need a radical overhaul in order to prevent the concept of these insurance policies from disappearing from the market, suggests the latest report marketwatch report from Swiss Re.

Protection intermediaries must ensure they satisfy the same consumer understanding requirements when selling products online or over the phone as they do in a traditional sales process, warns the Financial Ombudsman Service (Fos).

A new form of web-based mortgage payment protection insurance is being launched which is said to reward customer loyalty by repaying two months premiums every year the policyholder does not make a claim.

Using "intelligent copy out" to implement the Markets in Financial Instruments Directive (MiFID) will result in prescriptive rules and legalistic wording, according to Dan Waters, director of retail policy at the Financial Services Authority (FSA).