Alan Lakey: Demystifying critical illness condition naming

Around six years ago the Association of British Insurers (ABI) became overly excited about the potential for ‘simple' protection products.  Bold claims were advanced, suggesting hundreds of thousands of ‘simple' products would be snapped up by consumers; reality has proved somewhat different.  However, the concept of simplicity has merit and this is where the ABI can assist. Every three years the ABI Critical Illness Working Party issues a set of changes designed to provide minimum standards for critical illness plans. These, together with the impact of competition, has served to e...