Bridging the Protection Gap
Aegon UK have carried out a survey of 500 households, attempting to identify the barriers which are stopping people from buying protection policies.
According to the findings, four key areas have been identified as potential problems – price, complicated products, complex application process and a lack of confidence that claims will be paid.
Just over a third of respondents already had protection policies in place, however a further 35% would consider taking out a policy – however the main barrier to them purchasing a policy is price with 66% saying that they felt protection policies were too expensive.
A further 41% thought that the process was a minefield, and too much small print made applying for a protection policy too complicated.