Did you take out an insurance policy that you regret?

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The Financial Conduct Authority is concerned with how protection insurance products are sold to consumers.

The products in question include income protection, critical illness and life insurance. They are designed to help individuals and their families with their finances if the insured dies or is unable to meet their financial obligations. And they grew in popularity.

The latest figures from the Association of British Insurers (ABI) show that sales of income protection to individuals (rather than through the workplace) were at a record high in 2023, reaching 247,000, a 16% increase on 2022 and the highest level since 2022. ABI began collecting data in the year 2000. In addition, critical illness sales were nearly four times higher than 10 years ago.

However, the regulator is concerned that some products may be of poor value. It is also concerned that commissions paid to intermediaries may not deliver good results to policyholders. It plans to launch a market study later this fiscal year.

We want to hear your experiences with protection insurance. Was a policy a comfort for your family? Or do you regret it? Worried you have the wrong type of insurance? Or that you might be overinsured?

Please email [email protected] with your views or to share your experience.