Life insurance and critical illness cover, do you understand the jargon or are you confused by the industry terms?
Research by Legal & General has revealed that most customers are confused about the language used for protection products. Legal & General surveyed 2,000 people, and found that many consumers didn’t know what was meant by protection.
The survey found that only around one in 10 people associated the term ‘protection’ with life or critical illness cover, whereas some 40% assumed it related to protection against physical harm or protective clothing, while 19% of people did not associate the word with anything at all.
Protection is a term used when talking about critical illness cover and life insurance in the sense that it can financially protect you and your loved ones in case the worst were to happen. This type of protection can be invaluable.
If you’re diagnosed with a critical illness and can’t work, do you know what you’re entitled to from the state? How will you keep up your mortgage payments? If the worst were to happen, would your family be financially stable? These are the questions you must ask yourself!
Just over half of those surveyed by Legal & General did not have any life insurance or critical illness cover in place yet two thirds said they would be willing to pay between £10 and £20 a month for cover.
Seeking professional advice when looking for protection is important; your adviser will be able to find the cover that is best for you and your individual circumstances, as well as talk you through the industry jargon!
If you’d like to discuss your protection needs, contact one of our advisers today.