9 in 10 customers cannot define “protection”

By Hope William-Smith

Mar 26, 2019

The industry must rethink the language around protection to give better support to intermediaries and boost public awareness, according to Legal and General.

Research from the firm shows  just nine per cent of consumers associate the term “protection” with life or critical illness cover.

A total 40 per cent of those surveyed thought “protection” referred to protection against physical harm or to protective clothing.

A further 19 per cent did not have a specific association for the term.

More than half the study’s respondents did not have a life insurance or critical illness policy.

Legal and General intermediary director Craig Brown says simplifying the terminology might encourage more people to pay for cover.

He adds “As a sector, it is our responsibility to provide intermediaries with all the tools, products and information they need to empower them to help customers.

“Critical illness cover is viewed by many as a complicated product and in order to give consumers the clarity and comparability they need to choose the option best for them, we need to simplify language and support our intermediaries.”

Money Marketing

Since launch in 1985, Money Marketing has been the number one weekly newspaper for the independent financial adviser with the most respected journalists in the business. MM’s multi-award winning team of reporters work across our weekly newspaper and daily website, offering an unrivalled news service alongside in-depth analysis and comment on market issues.

No comments yet.