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Adults confused by life insurance cover

Date: Wed, 03 May 2006

Nearly 50 per cent of adults are confused by financial products such as life insurance cover and pension provision.

A new survey by research company Defaqto discovered that five in ten adults are confused by investments, pensions and protection services, with just 38 per cent claiming they understood these issues clearly.

This means there has been a rise in the number of people turning to independent financial advisors to gain information on what products are the most suitable for their needs. A total of 2.1 million people have paid a fee for independent financial advice over the last two years, whilst 6.2 million people are expected to visit an independent financial adviser within the next 12 months.

Defaqto sales and marketing director Neil Morgan, said: "It is clear that many people do not understand these crucial financial products which are important in securing a comfortable retirement, funding day-to-day living and protecting ourselves and our families if the worst happens."


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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.