News Review: Protection


CII launches new protection qualification by


Kevin Carr, chief executive of the Protection Review and MD of Kevin Carr Consulting


the chartered insurance institute has unveiled a new qualification for advisers in the health and protection insurance sector. revealed at the association


of medical insurance inter- mediaries autumn conference in early november, the new qualification is expected to be launched in the first quarter of 2012. the qualification is below


the Level 4 standard that iFas will have to pass from 2013, but fills an important gap. until now, health and protection insurance has often fallen uncomfortably between the cii’s general insurance and financial services exams and qualifications.


in future the industry will


have a common exam that can meet all requirements, whether the individual is a generalist or specialises in Pmi (when they may sit iF7 and P64), or group risk (gr1 and whichever of the other exams they feel is most appropriate) while an iFa may sit iF7 and


r05. candidates can then


use their passes in all of the exams towards higher qualifications, taking them up to associateship and Fellowship levels and chartered title status of the cii or its financial services arm the Personal Finance Society. However, disappointment


has been expressed that there was not more consultation before the qualification was launched and some have questioned whether a full Level 4 protection


Cancer survival rates up sixfold People diagnosed with cancer are now living, on average, six times longer than was the case 40 years ago, according to a new study of cancer survival by leading cancer charity Macmillan Cancer Support.


Median survival has grown from one year to six, with 11 of the 20 cancers studied having median survival of over five years. However, progress has been extremely patchy, with nine cancers exhibiting median survival times of three years or less, little improved since the 1970s. The biggest improvements have been in colon cancer, with a 17-fold increase in median survival from around seven months to over ten years. But lung and


qualification would be even better. While the move is very well-intentioned, many would have welcomed wider debate in the protection community before finalising the arrangements in the belief that what the market really needs is a Level 4 qualification that is comparable with other attainments under rdr. the cert cii (Health and Protection)


designation


has a compulsory element, iF1 which covers the fundamentals of insurance. candidates then have to pass two exams from a menu of four: • iF7: Healthcare insurance Products (which amii worked with the cii on developing). • P64: Private medical insurance Practice. this new diploma level exam will replace the existing diploma level 790 unit. • r05: Financial Protection.


brain cancer median survival times have barely risen, from 11 to 20 weeks and from 13 to 28 weeks respectively, and for pancreatic cancer it has increased from nine to 12 weeks. Median survival time is the time between diag- nosis and when relative survival is at 50% i.e. half those diagnosed have survived (or died). The relevance of such statistics for protection advice is matched by the growing number of pro- viders now offering partial payouts for early stage cancers. On average we are all living longer, but generally speaking people will live longer in ill-health, which further highlights the need for cov- ers such as critical illness insurance to continue beyond the first claim.


• gr1: group risk (which grid worked with the cii on developing).


News in brief


• Protection providers have warned that new regula- tion such as Solvency II and gender-neutral pricing will significantly raise the cost of protection policies from 2013 • IFAs are now able to quote and apply for LV=’s budget income protection product through the largest com- parison portal in the market, Avelo Exchange • Aviva has launched a new online resource for advisers to help them better under- stand group risk benefits • NFU Mutual has won ‘Best Life Insurance Provider’ at the Personal Finance Awards for the second year running • Aviva has overhauled its approach to large case underwriting, to make the process quicker and easier • According to Canada Life half of all group income pro- tection claims this year were for subjective conditions where definitive medical evi- dence was difficult or even impossible to obtain, such as mental health issues and musculoskeletal conditions • Assureweb has launched a free iPhone app to allow ad- visers to compare real-time rates for term assurance products


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26/09/2011 16:31

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