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4 Jul 2020

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Cost putting people off life insurance

Consumers in the UK have identified cost as the main reason preventing them from taking out life insurance in a new survey conducted by Ipsos Mori on behalf of Scottish Provident.

The study aimed at investigating consumer lifestyles and attitudes found that nearly half (44 per cent) of those polled said life cover was too costly, while one in ten (11 per cent) said they would rather use the funds for something else.

And with the majority of homeowners surveyed (89 per cent) holding the view that owning a home is vital for a reasonable standard of living, the findings highlight the importance of having protection.

"Owning their own home may provide clients with a sense of security, but unless it is properly protected, it will be a false one," explained Susan Barclay, the head of marketing at Scottish Provident.

"When facing a serious life event such as being made redundant or a debilitating illness, battling to keep a home can be incredibly stressful," she added.

Some 13 per cent of consumers in the UK have cancelled their life insurance due to the recession, according to recent figures from the Association of British Insurers.

 

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Cost putting people off life insurance - Life Insurance Advice