Defaqto has launched two new Life Assurance Star Ratings for products that can be purchased by consumers directly without going through a financial adviser.
In creating Star Ratings for Over 50s Plans, Defaqto has used criteria differentiating products that offer better value for money, including maximum premium guarantees, premium caps and the accidental death benefit available. .
For Direct Life Assurance, Defaqto said its emphasis has been on reflecting a better customer journey, including the accessibility of the product, the additional help available and the claims handling process offered.
Defaqto has given each product an independent Star Rating from 1 to 5 based on an assessment of the overall proposition and quality it offers.
Ben Heffer, insight analyst for life and protection at Defaqto (pictured) said:"Driven by the HMT simple products initiative and insurers' increasing focus, post-RDR, to enhance their direct to consumer offering, through digital marketing in particular, we want to provide a measure that focuses more on the wider proposition being offered to support consumer decision-making.
"We have therefore extended our Star Ratings to cover these areas of the life assurance market."
