Defaqto has updated its Critical Illness Comparison tool, CIC Compare to include decreasing term critical illness.

Purchased as a standalone product or added to Defaqto’s, end-to-end financial planning solution, Engage, CIC Compare allows advisers to easily compare new and historical critical illness policies in under five minutes on a whole of market basis, including Vitality.

Defaqto has developed a methodology for scoring conditions based on input from product pricing specialists. It focuses on the quality of the definition of the condition rather than just the number of critical conditions, leading to better client outcomes.

The scores allocated to each definition are based on the likelihood of being able to claim in the event of contracting the condition and can be weighted for male and female clients. Defaqto has scored 32 conditions (including the 21 conditions set out in the ABI guidelines) accounting for 98.9% of UK claims. CIC Compare also enables the comparison of policy wording for 113 other conditions. The adviser can quickly compare 145 conditions, making it easy to cater to their clients’ individual needs.

David Cartwright, head of insight for wealth and protection at Defaqto, said: “CIC policies are complex and are constantly evolving. These two factors make it time-consuming to compare older existing policies with new products. This, coupled with mortgage lenders looking to add critical illness insurance to strengthen the level of protection they have on the loan, makes accuracy and detail even more important.

“Defaqto’s CIC comparison tool, CIC Compare not only enables advisers to make better-informed decisions and provide transparent advice it also reduces complexity, ensuring that advisers’ clients end up with the most comprehensive policies with the most fitting wording of CI definitions for their specific needs.”