21 September 2021
Review of credit card repayment insurance products
In our 2019 Life Insurer Conduct and Culture review, we found that “certain products often provided poor value, and consequently poor outcomes for customers, because of limited benefits, and misunderstanding of coverage and eligibility”.
We carried out this additional review to gain a better understanding of the suitability of CCRI for consumers.
While most providers have withdrawn CCRI products from sale, there are still several hundred thousand existing policies, whose holders may not need or understand the product and are at risk of experiencing poor outcomes if they need to make a claim.
We carried out this additional review to gain a better understanding of the suitability of CCRI for consumers.
While most providers have withdrawn CCRI products from sale, there are still several hundred thousand existing policies, whose holders may not need or understand the product and are at risk of experiencing poor outcomes if they need to make a claim.