Life Insurance Voted the No.1 Priority
November 16th, 2006
Recent research released by insurance company Bright Grey demonstrates some interesting consumer behaviour when it comes to buying insurances.
They researched 2,000 U.K. adults and found some interesting anomalies when comparing what consumers felt was important to insure when compared to what they actually insured:
| Type of Insurance | Agree Most Important | Actually Held |
|---|---|---|
| Life | 38% | 53% |
| Home Contents | 23% | 74% |
| Mortgage Payments | 11% | 23% |
| Travel | 6% | 61% |
| Income | 4% | 15% |
| Critical Illness | 2% | 14% |
What strikes me is that only 6% of those surveyed felt that travel insurance was the most important insurance to have yet 61% of people actually have travel insurance. This compares with 38% of people thinking life insurance is most important yet only 53% of those surveyed actually had life insurance.
So why do 6 times more people agree that life insurance is the most important insurance to have, yet more people insure their holidays than their lives?
One of the main reasons is the fact that holiday insurance is so easy to buy, and is almost included by default when you book a holiday… just tick a box on a form and you’ve got it.
In contrast, life insurance isn’t advertised very well and can involve complicated application forms. However new products are available that promise to make buying life insurance easier and a good IFA will always strive to make the process of buying life insurance as easy as possible.
So next time you are insuring your holiday think about insuring your life as well. If you haven’t already got an IFA to help you do this then get in touch with us.
Author: Jason King
November 16th, 2006
Category: Life Insurance.
