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Protection problem in general regulation

Protection products should not be treated the same as simpler general insurance products under the new regulatory regime, says consumers’ association ‘Which?’

It says complex insurance products such as income protection, critical-illness cover and life insurance should not be labelled the same as products such as car insurance as there is a greater risk for consumers if they are sold the wrong protection policy.

Which? says a major concern for consumers is that it is much harder to choose the right protection product than a general insurance product.

Another problem identified is that consumers are not protected under the new regulations when they buy travel insurance alongside a holiday.

Head of campaigns Louise Hanson says the new regulations will overall give more right to redress if things should go wrong. Which? welcomes the information and documents to be made available to consumers, which it says will prove to be useful.

Hanson says: “The onus has been placed on consumers to make the right choice so it is essential that people take care to read everything carefully when buying insurance and ask themselves whether they are being offered a wide range of products to choose from, whether they need information advice and whether they are being given the level of service that they want.”

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