ABI finalises changes to total premium disclosure

Fixed term contracts will include a line which tells customers over the term of their contract they will pay ‘x' and the benefit will be ‘y'. Open ended contracts will feature the same disclosure but will also include a specimen term consistent with the age of the customer - a period of 10 years up to aged sixty and a period of 5 years after aged sixty. It will follow the format ‘if this policy is paid for 10 years the customer will be ‘x' and the benefit will be ‘y'.' If a variable premium is payable the disclosure will also make clear any figure for the total cost of the policy i...