Consumers are being deterred from acquiring financial protection because the application process can at its worst be 31 pages long, according to research by one protection distributor.
A study of the application forms which have to be completed to buy life cover from major life insurers reveals clients would have to fill anything between 9 and 31 pages, depending on the requirements of certain life assurance companies. Speaking at the Protection Review dinner earlier this week, Richard Verdin, sales and marketing director at Direct Life and Pensions, revealed this contrasts significantly with the expectations of consumers who expect to have to complete six pages for a single application. More specifically, Scottish Provident is found to have the shortest application...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
