Money to the Masses
Insurance companies need to do more
This week it was great to see that some insurance companies are starting to do the right thing by their customers. LV, for example, has introduced payment breaks for qualifying customers who are struggling financially. But importantly, the amount of protection remains unaffected during an agreed payment break. Meanwhile, Admiral has become the first major UK motor insurer to offer its customers partial refunds in recognition of the fact that many drivers are stuck at home.
Unfortunately, most insurance companies are doing very little to help their customers with the cost of their premiums. This is staggering given that many of their customers can’t take advantage of the benefits that are often included with these products. One life insurance provider has offered to help customers temporarily reduce the cost of their policies by also reducing the amount of cover they are entitled to. In my opinion, reducing customers' life insurance cover at a time when they need it most is not in a customer's best interest.
I hope we see more companies follow LV’s lead in the coming weeks. Those that do are likely to be remembered once the pandemic has passed as organisations that really value their customers.
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