Critical illness (CI) and mortgage payment protection insurance (MPPI) are among the most complicated financial products for consumers to understand, the ABI has found.
Only standard payment protection insurance (PPI) is harder to understand or more difficult for customers to compare. The results are likely to prove a warning to the protection industry about its difficulties in relating to consumers and also illustrate the need for a successful simple products regime. According to the ABI quarterly consumer survey, 36% of respondents rated their understanding of critical illness cover at five or below (out of 10), with 29% feeling the same for MPPI. Only PPI (52% rating understanding at five or below) was below these two product lines, with a simi...
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