You should actually understand what you have bought
Information has to be clear enough to act on, at the moment you need it. Not buried, not jargon, not a document nobody reads.
Consumer understanding, in plain English
What it means for you
You should be able to explain your own policy to somebody else. What it pays, when it pays, what it does not cover, and what would stop it paying. If you cannot, it was explained badly.
What you should expect from us
Plain English, and no assumed knowledge. We tell you the exclusions as clearly as the benefits, because the exclusions are what catch people out. We put things in writing and we are happy to go over it again.
An example of poor understanding
Say somebody believes their critical illness policy covers any cancer. Most policies cover cancer of a specified severity, and early or low-grade cancers are often excluded or pay a smaller amount. Nobody lied. It was never explained.
An example of good understanding
Say a policy is placed in trust. The reason is explained: it helps the money reach the family quickly, outside probate, and usually outside the estate for inheritance tax. The person can then repeat that back in their own words. That is the test.
What to ask, whoever you deal with
- Ask what is NOT covered, and write it down.
- Ask what would make a claim fail.
- If you cannot explain it, ask again.
None of these are awkward. A firm working properly will be glad you asked.
Free.
Check broadband before you make an offer
Broadband speeds can vary street by street, so check the exact address before you commit. Ofcom's free checker shows which broadband speeds and mobile coverage are available at any UK property.
Check broadband at an address (Ofcom)
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Common questions
What does the consumer understanding outcome mean for me?
What should I expect from That’s Family Finance on this?
What if a firm gets this wrong?
How do I check broadband speed at a property?
The other outcomes
The four work together. One without the others does not get you a good outcome.