Insurance packages 'need careful assessing'

Consumers need to fully understand the terms and conditions of insurance products before signing on the dotted line, according to a spokesperson for the British Insurance Brokers' Assocation (Biba).

Peter Staddon's comments follow the announcement by Prudential last week that it would be selling medical insurance packages through high street pharmaceutical retailer Boots' stores.

Mr Staddon lauded the fact that consumers would have greater access to insurance products as a result of partnerships such as that between Prudential and Boots.

However, he said that consumers "must understand where they are buying it [medical insurance] from", not to mention the "assistance that will be provided in the event of a claim being made".

Consumers also needed to check the minutiae of a package if they were buying insurance from retailers, such as if they were being sold a product from an insurer not domiciled in the UK.

Mr Staddon also said that consumers would receive protection from the Financial Services compensation scheme in the UK, but only if it was an authorised server.