"As a sector, it is our responsibility to provide intermediaries with all the tools, products and information they need "
L&G is calling on the industry to simplify the language used around life insurance and critical illness cover, enabling intermediaries to have better conversations with customers.
The firm says it plans to move away from existing terminology about ‘closing the protection gap’ after finding that just 9% of customers associate the term ‘protection’ with life or critical illness cover.
A further study found that over half (54%) had no life insurance or critical illness policy in place, but 68% would be willing to pay between £10 to £20 a month for appropriate cover.
Craig Brown, director of Legal & General Intermediary, commented: “Consumers are still largely unaware about what protection really means, and importantly what a huge impact it can have for those who need it. Critical illness cover is viewed by many as a complicated product, and in order to give consumers the clarity and comparability they need to choose the option best for them, we need to simplify language and support our intermediaries.
“As a sector, it is our responsibility to provide intermediaries with all the tools, products and information they need to empower them to help customers."
