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Critical Illness Insurance Buying Online

You can buy pretty much everything over thecompanies have to change the way they
Internet these days and this most certainlycollection  personal  information.
applies to insurance. But the process of
buying something over the telephone or"It is more a recognition that we need to
Internet means that you do not have thetranslate the new good practise that we have
benefit of having a person in front of you toput in place on paper to the online and
explain something in depth if you do nottelephone application process. The methods of
understand.collecting the information are subtley
different,"  the  ABI  said.
Another thing is that as a growing number of
people begin to start buying products online,The move to improve standards for buying
there are new problems that occur - teethinghealth insurance policies for things like
problems shall we say that keep cropping upcritical illness on line comes after the ABI
as more companies start offering servicesthis year launched various measures to make
over  the  Internet  for  the  first  time.the steps to buying health policies simpler
for both consumers and financial advisers.
With complex insurance policies like CriticalThe organisation also updated guidance
Illness Insurance, a type of insurance wherespecifically for Critical Illness Insurance,
sometimes people do not fully understandoffering guidelines on how to bring more
exactly what they are buying, it is an areaclarity to application forms. The entire
that  could  become  a  problem.overhaul of personal medical insurance
guidelines meant improvements to the leaflets
The Association of British Insurers thinks sooffering advice on Critical Illness
anyway, which is why the organisation isInsurance, the removal of 'memory test'
improving the standards of the insurancequestions like 'have you been to a doctor in
application process via the telephone or thethe last five years?'and clear warnings on
Internet for different types of health andapplication forms about the consequences if
protection policies, including those foryou do not reveal pre-existing medical
critical  illnesses.conditions. The changes came after speaking
with cancer charities and other
A spokesman for the ABI, says: "Because theorganisations. It was hoped that the guidance
mechanics are slightly different when you arewould reduce the likelihood that a claim
applying for a policy on the internet, youwould be declined for non-disclosure of a
need to look at that process slightlypre-existing  medical  condition.
separately and that is what we are doing at
the moment. It is a piece of work that isThe ABI's spokesperson said, "Having put in
on-going and it will improve the applicationplace what we believe to be higher standards
process for telephone and Internetof clarity on the application form, we
applications."clearly want to apply those higher standards
to  all  forms  of underwriting application."
The ABI's spokesperson explain that it is not
exactly that there have been problems withThe work being carried out by the Association
people buying medical policies like Criticalfor online applications is still work in
Illness Insurance over the internet before,progress. And it is still unclear when the
but the new standards will simply justnew standards will be released. But
recognise that buying a financial productregardless of the time frame, it is certain
over the internet means that financialthat they will definitely be released soon.



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