Industry news and views from Panacea and our partners.
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Cirencester Friendly: Our Guide to Underwriting
This outlines the most common medical conditions, which will give you answers to frequently asked conditions such as BMI, diabetes, abnormal cervical smears, family history and our stance to hazardous hobbies, as well as conditions we unfortunately can't cover.
Coma Confusion: Why Claims Need a Second Opinion (And So Do You)
A recent Cover article, Claims and Underwriting: Claiming After an Induced Coma, shone a spotlight on two fundamental issues in the protection industry - both of which highlight why financial advisers are indispensable.
Balancing Price and Value in Financial Advice
The ongoing tension between price and value often leaves consumers worse off, even when they seek professional financial advice. Recently, Tom Baigrie and I, representing the PDG, met with the Financial Ombudsman Service to discuss the delicate trade-off between cost and value. While this may seem like a technical debate, the implications run deep, influencing how compliance managers and networks set and enforce their rules. Several key issues emerged from our discussion, and this article explores some of them.
Cirencenster Friendly: Majority of consumers don't know what they would cut back on first if they couldnt work through illness or injury
A new survey* from income protection provider Cirencester Friendly reveals that many people simply dont know what they would cut back on if they couldnt earn their regular income through illness or injury. More than half (56%) of those surveyed failed to identify anything that they would stop spending on in this scenario.
Cura: Practical Protection Podcast - Type 1 Diabetes and Income Protection
Cirencester Friendly are joining me to discuss income protection and type 1 diabetes. We are talking about underwriting and claims, so that you can get a good idea how type 1 diabetes can be considered by insurers.
Cura: Practical Protection Podcast - Crohns and Ulcerative Colitis
We are kicking things off with a look at inflammatory bowel disease, specifically Crohns and Ulcerative Colitis, which are believed to affect well over 1m in the UK.
Medi2data partner with Cirencester Friendly to improve underwriting and claims processes
Medi2data are proud to announce that Cirencester Friendly Society Limited have now gone live with their outsourced medical evidence gathering proposition, allowing for medical records to be obtained for underwriting and claims purposes.
Practical Protection Podcast: Group Critical Illness Cover
The last episode of season 9 is all about group critical illness cover. We have recently covered group life insurance and group income protection, and whilst they are all quite similar, group critical illness cover has a couple of big differences.
The Hidden Differences Between Adviser and Direct-to-Consumer (D2C) Protection Plans
Many advisers know that companies such as Barclays, Direct Line, Nationwide, Sainsburys, and Santander offer single-tied protection plans designed by major insurers like AIG, Aviva, or Legal & General. However, they may not realise that the quality of these plans can differ significantly from those available through adviserseven when offered by the same insurers.
Understanding Consumer Duty and the Hidden Costs of Indexation
Consumer Duty requires advisers to actively seek out value for their clients. While this doesnt necessarily mean selecting the cheapest or so-called best plan, value must always consider what provides the greatest benefit in the long run.
Cirencenster Friendly: More than a quarter of people have taken a month or more off work due to illness or injury
A new survey from income protection specialist Cirencenster Friendly reveals just how common it is for people to have to take time off work due to accidents or ill health. More than a quarter of those surveyed said they had a to take a month or more off work.
Cirencester Friendly: Added-value benefits
Our Members have access to exclusive discounts, offers and experience days through our Member Perks added value benefit. Have a deep dive in to everything Member Perks has to offer.
Cirencester Friendly: Guide to Underwriting
Need a quick fact checker? Weve got you covered. Our handy Underwriting Guide acts as an outline of illnesses and aliments we can potentially cover for your client.
CURA: Practical Protection Podcast - Hepatitis
Hepatitis affects the liver and this can lead to some difficulty in arranging protection insurance, especially critical illness cover and income protection.
Cura: Practical Protection Podcast - Group Income Protection
Hi everyone, I am back with an episode on group income protection to talk through this brilliant product and how it can help companies and employees alike.
Cura: The Practical Protection Podcast: Thyroid Disorders
Hi everyone, we have Matt Rann back with us and we are talking about thyroid disorders and protection insurance.
Cirencester Friendly: Becoming the CEO - with Andy Morris
This week the Toms talk to another brilliant guest. Andy Morris is CEO of Cirencester Friendly Society.
Evolving Landscape of Critical Illness Plans and Innovations Across Insurers
Protection advisers realise that the world of critical illness plans is a nebulous landscape where as soon as plan details are understood an insurer opts to introduce changes that require understanding and a reappraisal.
Why Value Should Guide Insurance Choices Over Cost
What a strange world we live in. Consumers spend countless hours selecting the car that they want, looking at the salient features like heated seats, electric wing mirrors, reverse driving cameras and the like.
Cura: Practical Protection Podcast: Gift Planning and Protection Insurance
Im back with a short episode on how you can use life insurance to protect against the tax made on gifts. A lot of people think of gift planning as something that millionaires do and whilst that can be the case, many people are making gifts all the time without realising it.
Cirencester Friendly: Consumer Duty: Reflections from the coalface
Its now been a year since the FCAs Consumer Duty came into force, setting a new standard in consumer protection across financial services. At Cirencester Friendly we found ourselves both challenged and emboldened by the new directive, recognising the opportunity it gives us to enhance our commitment to our Members.
Cura: Practical Protection Podcast - Right to Forget Cancer
We discuss the way that insurers in the EU are responding to the Right to be Forgotten. This legislation require insurers to give consumers the right to not disclose that they have had cancer when they apply for some protection insurances.
The Rising Demand for Health Benefits Beyond Financial Protection
CIExperts Critical Thinking 2024 report highlighted the value consumers place on added health benefits such as annual health MOTs, 24/7 GP access, and second medical opinions. Surprisingly, despite these benefits not being contractual or featured in brochures, there was significant enthusiasm for them. The report also indicated that fear of cancer and concerns about the NHSs ability to provide timely treatment were major factors in deciding whether to take out a critical illness plan.
Cura: Practical Protection Podcast - IHT & Protection Insurance
Hi everyone, I am back with a short episode focused upon how you can protect against IHT with life insurance. Huge disclaimer from the start I am not a full financial adviser and there are lots of ways to do estate planning, I am just giving insight into how life insurance can work.
Cura: Practical Protection Podcast - Assisted Dying
Hi everyone, I am talking about a very emotive topic today after being approached on social media as to how insurers view assisted dying. With recent debates on passing assisted dying laws in the Scottish and Isle of Man governments, it is something that is likely to be discussed by UK insurers at some stage.
Cirencester Friendly: Our Guide to Underwriting
This Guide outlines the most common medical conditions which may result in non-standard terms, as well as conditions we unfortunately can't cover.
Cura: Practical Protection Podcast - Executive Income Protection
Protecting your income is one of the key things that any of us can do, to try and give ourselves financial security for the future. As with any protection insurance its something that we hope to never have to claim on
Cirencester Friendly: Protection industry could do more for mental health awareness
Michelle West-Wiggins, Cirencester Friendly director of customer experience spoke with FT Adviser on Mental Health awareness in the income protection industry.
Cirencester Friendly: Accidents will happen
Accidents are part of everyday life. Of course we can take precautions to prevent them, for example wearing a seat belt or looking both ways before you cross the road, but its impossible to eliminate them completely.
Cura: Practical Protection Podcast - Atrial Fibrillation
It can be quite interesting when speaking with clients who have this condition as the medical world and the insurance world can view atrial fibrillation quite differently.
CURA: Relevant Life Insurance
In the podcast I discuss how relevant life insurance is an employer and employee relationship. Its a thank you for your service to the company.
Cirencester Friendly: How can you help your clients avoid claims being rejected?
You can support your clients by emphasising the significance of providing complete and accurate details on both their application and claim forms, as well as ensuring that their coverage undergoes regular reviews.
Cirencester Friendly: My Earnings Protected
Our My Earnings Protected product offers a choice of claim period. Your clients can choose Long-term or Short-term cover of 2 years.
Cirencester Friendly: New BMI limits!
Good news, Cirencester Friendly have updated their BMI rates. Going forward, they will be adopting a 3-tier method when rating for BMI three age groups: under 30, 30 49 & 50+. All changes can be found in the Underwriting Guide
Cirencester Friendly: Whats important when choosing an income protection provider for your client?
Our services go beyond our products, with benefits such as Friendly Voice. Read about our Member Annes experience.
Unveiling the Truth: Consumer Insights Shake Up Critical Illness Insurance Landscape
In late 2023, CIExpert initiated a comprehensive market study in collaboration with Opinium, surveying 5,000 consumers to delve into their perceptions and comprehension of critical illness (CI) plans. This survey stands as the most exhaustive of its kind regarding critical illness insurance.
Cura: Practical Protection Podcast - Rheumatoid Arthritis
Rheumatoid arthritis and the treatment for it can affect a lot of areas in the body and its a condition that tends to get worse over time, so insurers usually want to know about it.
Cura: Practical Protection Podcast - Business Property Relief
In this episode I am explaining what BPR is and why its so important that we look out for it, as some people might have wandered into an arrangement that could potentially have this tax benefit without even realising it.
Navigating the Evolving Landscape: The Impact of Financial Regulation on UK Advisors and Consumers
As the 36th anniversary of financial services regulation approaches, it's likely that most present-day advisors have never experienced an unregulated industry. The debate on the merits of regulation has been extensive, but one thing is certain: the landscape has evolved significantly since April 1988.
Almost half of Cirencester Friendly claims in 2023 were from Millennials
Individual income protection provider Cirencester Friendly paid 95.8% of claims in 2023, maintaining their strong record of being there when Members need them the most. Over the past decade, they have paid on average 94.5% of claims, demonstrating a reliable, consistent approach that both Members and Advisers can trust.