In a recent study, Bournemouth based myTribe Insurance found that life insurance is now seen to be as important as home insurance to UK parents.
After seeing a surge in demand for life cover, myTribe surveyed a total of 3,472 members of the British public to find out which insurance products they consider to be the most important.
In their survey they found that:
- Car insurance and contents insurance remain the most popular types of cover
- Life insurance is now seen to be as important to UK parents as home insurance
- Despite the looming threat of longer NHS waiting lists, private health insurance is still seen as a luxury purchase
Reviewing the findings, it is perhaps not surprising that more of us want some protection should the worst happen. After all, for much of this year, we’ve been reminded on a nearly daily basis of just how fragile life can be.
However, the UK’s take-up for protection policies has been reducing over time with some 42% of those with mortgages still not having life insurance in place.
Pexels/Vidal Balielo Jr.
Chris Steele, Founder of myTribe Insurance said,
“Since the start of the Coronavirus crisis, we have seen an exponential rise in the quantity of life insurance quotes we process. While other types of protection, such as private medical insurance, have flatlined, the growth in life insurance policies has been quite astonishing.”
*Respondents were asked between 25/05/2020 - 08/06/2020
Statistics taken from https://www.finder.com/uk/life-insurance-statistics