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‘Protection’ rethink required

Time to review your insurance cover?

‘Protection’ rethink required

Can you define what the term ‘protection’ means? If the answer is ‘no’, you’re certainly not alone. Research7 has shown that just 9% of consumers associate the term ‘protection’ with life or critical illness insurance cover.

Of those surveyed, a massive 40% thought that ‘protection’ refers to protection against physical harm or to protective clothing - sou’westers at the ready! Almost 20% had no specific association for the term.

It has been suggested that the industry make an effort to simplify the terminology around protection, intermediary director at Legal and General, Craig Brown, commented: "Consumers are still largely unaware about what 'protection' really means, and importantly what a huge impact it can have for those who need it. 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.”

Protection covers yourself, your job, your family and your business. Choosing the right protection plan can protect your family's lifestyle. 

Life Cover Plans - designed to help provide for your family in the event of your death during the term of the plan.

Critical Illness Plans - which help protect your assets and your family should you suffer a critical illness.

*Income protection plans - to provide a monthly income if you're unable to work until you return to work or reach your pre-determined retirement date.

Whole life plans - which pay a guaranteed lump sum to your estate when you die.

If you need any help deciphering the terminology around protection products, please get in touch.

7L&G, March 2019