Star ratings system launched for protection

clock

Defaqto has launched its Star Ratings for 2013 for consumers to compare financial products, including life insurance and protection.

The aim is to help people understand where a product sits in the market based on quality and comprehensiveness of the features and benefits and consequential one to five star rating.

Defaqto said the system was only an "at a glance" view of products to support overall process when making financial decisions.

Brian Brown, head of consulting at Defaqto, said: "Whether you are insuring home or car, or buying a protection product, it is essential people match the features and benefits required with those provided by the chosen product.

"If consumers focus on price alone they can run the risk of buying an inappropriate product that doesn't meet their needs - and they are only likely to discover this when it's too late."

The Star Ratings will provide an independent assessment for 50 different product types across product areas; life insurance and protection, pensions and investments, current accounts, general insurance and credit cards.

Author spotlight

Nicola Culley

More on Individual Protection

CMA clears Aviva/AIG Life acquisition

CMA clears Aviva/AIG Life acquisition

Full decision to be published shortly

Cameron Roberts
clock 28 March 2024 • 1 min read
Legal & General pays out £921m in individual protection claims

Legal & General pays out £921m in individual protection claims

“High levels of deliberate misrepresentation”

Jaskeet Briah
clock 28 March 2024 • 2 min read
22% of adults without children delay taking out protection: L&G

22% of adults without children delay taking out protection: L&G

11% were putting off financial decisions until marriage

Jaskeet Briah
clock 27 March 2024 • 2 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read