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