New research by SunLife has found that complexity could be putting millions off choosing the right protection products.
When asked, people valued easy-to-understand products most of all – rating simplicity (39%) more important than price (27%) or even a product’s performance (28%).
SunLife has launched Family Life Insurance, a new term insurance which the firm aims to be as “straightforward and affordable as possible” with the option of adding critical illness cover as an extra.
SunLife’s managing director Dean Lamble said: “People are put off by overly-complex products explained in overly-complex ways – so we’re introducing straightforward, affordable life insurance direct to customers.
“More and more people want the same retail experience they get in non-financial services products – and we want to make that happen. Our Family Life Insurance is straightforward, the application process is easy to understand, premiums are affordable, and customers can feel confident in their choices.”
The company has also partnered with bereaved children’s charity Winston’s Wish which will see the company donate £1 to the charity every time someone requests a first free quote for Family Life Insurance.
Lamble said: “We’re proud to be partnering with Winston’s Wish, a fantastic cause that helps bereaved children going through an unimaginably difficult time. Where life insurance can make a real difference with the practicalities if someone dies, Winston’s Wish can be there with the emotional support that can help children rebuild their lives.”