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Consumers find protection among hardest products to understand

Only pensions rank lower for clarity among mainstream financial services products
Protection is among the hardest of all mainstream financial services products for consumers to understand, according to research published this week.
In a survey of 2,500 people for the Association of British Insurers (ABI), payment protection insurance (PPI) and critical illness (CI) cover ranked the lowest in terms of understanding.
Just over half (52% of respondents to the survey rated their understanding of PPI at 5 or below (out of ten), while even less (36%) rated their understanding at five or below.
Among the widely-held financial services products included in the survey, only pensions (31%) ranked lower.
Respondents were most comfortable comparing the features of motor/van insurance and savings/current accounts, with 52% ranking each at 7 out of ten or above. Respondents again ranked PPI, as well as mortgage payment protection insurance, and CI cover bottom in terms of product comparisons, with pensions and annuities also receiving lower ratings.

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