New research from the ABI shows consumers find protection products amongst the hardest to understand.
Payment protection insurance and critical illness cover ranked the lowest in terms of understanding. Some 52 per cent of the 2,500 respondents rated their understanding of PPI at five out of 10 or below while 36 per cent rated their understanding of CI at five or below.
The most well understood products were savings and loans, with 67 per cent and 62 per cent, respectively, rating them at seven or above in terms of understanding.
Respondents were also asked how difficult they find it to compare the features of each type of financial product.
Once again, PPI and CI cover came bottom, with around 55 per cent and 45 per cent of people, respectively, rating their ability to make comparisons with similar products. Pensions and annuities followed with just under 45 per cent of respondents rating their ability to compare these products at five or below.