The Association of British Insurers’s publication [1] giving guidance to insurers on the treatment of non-disclosure, provides a platform to rebuild adviser and consumer confidence in protection products, according to financial research company Defaqto.

The guidance will result in more claims being paid for Critical Illness, Income Protection and Life insurance where medical information has not been disclosed but not deliberately withheld.

Nick Telfer, Principal Consultant - Protection, says: “Over recent years the protection industry has been working hard to improve the customer experience at point of sale. The new ABI guidelines complement this by bringing much needed clarity and consistency to the treatment of cases of non-disclosure.”

Telfer continues: “These developments are evidence of the protection industry’s commitment to the principle of treating customers fairly and should rejuvenate confidence. Hopefully this will start the industry on the road to closing the widely publicised life assurance and income protection gaps.”

-Ends-

Notes to Editors:

[1] The new ABI guidance, Non-Disclosure and Treating Customers Fairly, January 2008

For further information contact:

Defaqto Limited
Nick Telfer, Chris Johnston or Luci Mylward
01844 295 45