LifeSearch

Macmillan Cancer Support Surveyed 1751 people diagnosed with cancer
    - 49% experienced depression
    - 75% felt anxiety
    - 32% said their relationships were put under strain
    - 26% felt abandoned when they were not in hospital

This highlights the importance and consumer need for counselling services like RED ARC, which LifeSearch customers receive free of charge when they arrange their life insurance through LifeSearch. We hope to see more life insurance offices and intermediaries offering these crucial services to customers in the future.

Comments of the week

'I think the evidence so far has shown that life insurance and protection products are complex and because of the complexity I think it is actually very difficult to name a lifef assurance product that you could deal with on a non-advised basis.'
Andrew Honey, FSA

'The biggest problem of allowing big brands to advertise financial services products is they are naturally going to try and compete in the same way they do with other products - as in our baked beans are the cheapest and so are our life insurance and protection policies.'
Peter Chadborn, CBK

Heroes of the week

The ABI & The FSA

An odd pairing perhaps, however, we believe that both bodies have taken steps this week that over time should improve the life insurance and protection markets for consumers.

The ABI has improved clarity for consumers by redefining what critical illness cover does and doesn't do, and by taking important information from the small print to the forefront on consumer literature, which can only be a good thing in helping people understand what they are and are not covered for.

The FSA has stated that life insurance and protection is complex and that it is difficult to name a life assurance or protection product that should be dealt with on a non-advised basis. This is potentially a massive step in the right direction for transparency.

Back to Life Insurance Bulletins