Changing times

One of the ways in which critical illness (CI) product design could, and in fact must, change is the removal of onerous guarantees. However, it needs to be remembered that guarantees come in two forms - premiums and coverage (illnesses covered and their definitions). Much of the recent focus on guarantees has been on the former, but we should also consider whether guaranteed coverage is in the best interests of policyholders. Medical advances While, superficially, guaranteed coverage seems attractive since the cover is known for the whole policy term, there is also a downside. Medical adv...