Protection industry must develop 'less complex products' - FSCP

A Financial Services Consumer Panel (FSCP) paper issued today, entitled ‘Understanding the protection gap', has explored consumer attitudes to life insurance, and why they are more likely to buy critical illness cover (CIC) instead of income protection (IP). Commissioned to Bdifferent in early 2018, the research consulted mortgage intermediaries, insurers, a reinsurer and mortgage lenders in an attempt to profile consumers and better understand the customer journey for personal protection products. IP Vs CIC ‘The benefits of income protection are hidden behind complex choices and c...