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Why create new simple products when they already exist?

Cirencester Friendly

Cirencester Friendly wants the government to support simple financial products by publicising those that already exist.

 

A recent government consultation proposes a new category of simple financial products

 

Paul Hudson of Cirencester argues that simple income protection insurance products already exist and that raising consumer awareness is more important than creating new policies, "When it comes to income protection the focus should be on raising public awareness of organisations that already provide them. Income protection insurance is a simple proposition -an individual can protect a proportion of pre-disability earnings to provide some continuity of income should they be unable to earn their living due to illness or accidental injury. The problem is not that all products are complex but a lack of consumer awareness. What is needed from the government is support to raise the profile of income protection to the whole of the UK workforce and to help educate them on its importance.”

 

Expecting a cash-strapped government to promote insurance products for free, is an optimistic view and unlikely to happen.

Income protection insurance news: 6 January 2011

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