FDA insurance survey reveals some interesting facts
A recent survey that was carried out by the Financial Services Authority into insurance in the UK has revealed a number of interest facts. The survey was intended to help the Financial Services Authority to construct a valuable checklist that consumers could use to help them to shop around and find the best deals on life insurance cover. However, the results of the survey revealed some interesting information with regards to consumer attitudes and misconceptions when it came to taking out insurance cover.
One of the most interesting facts that came from this survey was that consumers in the UK were more concerned about getting a good deal on insurance cover for their possessions and gadgets than on getting protection for themselves or their family in terms of health or life insurance cover. Another interesting revelation from the survey was that a quarter of consumers in the UK were not aware that you could shop around for travel insurance cover, and though that this type of insurance had to be purchased through the company that sold them the holiday.
When it came to shopping for insurance, the survey revealed that fifty two percent of consumers found it difficult and confusing to compare life insurance products, and a whopping sixty nine percent said that they hated shopping around for life insurance products – two factors that could all too easily result in many consumers having a variety of over-priced and in some cases wholly inappropriate insurance policies.
According to Vernon Everitt, the Director of Retail Themes at the FSA: "Insurance plays an important part in protecting our families, homes and possessions. But as with all financial products, consumers need to be capable and confident in making the right choices, including shopping around for the best deal and asking the right questions. Our jargon-free information will help empower consumers to do just that."
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