The Income Protection Task Force (IPTF) is demanding that the Association of British Insurers bring about clarification on the use of the term income protection for short-term products.
Peter Le Beau, co-chair of the IPTF, said that the task force wanted the trade association to put pressure on the Financial Services Authority to agree a new wording for consumers on the differences between short-term and longer-term income protection products . He added that there was an immediate need to prevent consumer confusion by outlawing the use of the term income protection for short-term products.
Mr Le Beau said: "Accident, sickness or unemployment insurance is very short-term where as most people are generally looking for something more long-term and the confusion is ongoing around the two products. It is a concern we have had for a while. There is nothing wrong with having short-term income protection as long as people realise what they are buying."
PPI and IP terms need clarification
Financial Services > Income lnsurance > News
PPI and IP terms need clarification
Mon, 09 Feb 2009
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