Blog: The complexity of simple products

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Phil Jeynes warns that removing components from simple products may mean weaker cover for clients.

Nobody so far has been able to explain to me exactly what they mean by a "simple product" in the context of protection. Whenever I'm asked if I think simple products are a good idea, I say "yes", but I contend that the products we have at present are simple enough. How much more simplistic than life insurance can you get? The fixation seems to be around the complexity underlying some protection products - serious illness cover, for example covers 161 conditions and critical illness contracts offer protection for dozens of diseases; surely this means they are too difficult for Joe P...

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