The UK's financial watchdog has criticised the complexity of healthcare protection policies, which can lead to negative outcomes for consumers.
The FCA said that providers need to do more to protect people from rising premiums and inadequate policies, especially given that 15 million people are currently living with a long-term illness.
The watchdog also commented on the low take-up of protection policies, reasons for which included "consumers consciously choosing not to buy these products because of cost, behavioural biases including consumers underestimating the likelihood of having to claim and over-optimism about their financial resilience."
Advice is key
In the current climate, protecting yourself and your family is more important than ever. Talk to us to review your options.
As with all insurance policies, conditions and exclusions will apply
We can help you!
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.