Lengthy policy application forms and underwriting times have long been complaints that consumers have leveled against life insurers. And the complaints don’t stop at the point of purchase.
A new survey by Siegelvision indicates that insurance and annuity statements are among the top five most confusing vendor communications. More than half of consumers polled in the study (55 percent) indicate they’re wasting time and energy endeavoring to decipher these documents.
The percentage is just below other financial statements they find vexing. Among them:
- Mutual fund prospectuses – 64 percent;
- Mortgage terms – 61 percent; and
- Federal tax instructions – 59 percent.
“Until recently consumers took it for granted that they couldn’t do anything about unreadable insurance policies, consumer credit card contracts, healthcare forms and student loan contracts,” said Alan Siegel, the CEO of Siegelvision and author of “Simple: Conquering the Crisis of Complexity.” “The Call for Clarity Survey reveals a remarkable turnaround that indicates consumers are finally demanding more clarity in all communications because there are severe economic consequences if they don’t.”