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27 Jan 2021

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Increasing consumer confidence could encourage life insurance uptake

Uptake of life insurance products such as critical illness cover or income protection could be impacted upon positively as new figures show that consumer confidence is on the rise.

According to the Association of British Insurers (ABI) Quarterly Savings and Protection survey, 36 per cent of consumers now expect the economic outlook to get better, twice the number of people that held a similar view in the last quarter.

Recent research from the ABI revealed that the harsh economic conditions were forcing consumers to cut back or refuse to renew their cover, with more than one in ten (13 per cent) cancelling their life insurance.

The development prompted ABI director Stephen Haddril to urge consumers not to look at protection as a non-essential expenditure, saying "in uncertain times insurance provides a vital financial safety net to steer individuals and families through the recession".

However, with an increasing number of people feeling confident as the new figures show, those considering such a move may be dissuaded from risking having less cover.

Life insurance has become more affordable thanks to recent falls in premiums, according to LifeSearch senior policy adviser Matt Morris, who recently commented that nearly every person requires some form of protection.

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Increasing consumer confidence could encourage life insurance uptake