Life-Insurance-South Wales

Life Insurance Is Essential, But…

Life Insurance Is Essential, But…

Royal London’s mega State of the Protection Nation survey conducted by Opinium Research has returned some stunning data. The research focused on discovering consumer sensitivity to the need to take out Life Insurance to protect individuals and families.

Almost half (47%) of all consumers in the survey say life insurance is essential for anyone with a mortgage or dependants. However, the research revealed important difference across the age ranges with 58% of those aged 55+ believing that life insurance is essential if you have a mortgage or dependants, but just 37% of 18 -34 year olds feel the same.

This might simply reflect that the older age groups have experienced some financial shocks in their lifetime either through ill health or loss of income, or perhaps they are more aware of their own mortality.

What is consistent across these age groups is recognising a need for insurance does not necessarily translate into an action to buy.

I agree, life insurance is essential for anyone with a mortgage or dependants Do you currently hold (or are in the process of obtaining) life cover either on your own or jointly with a spouse or partner?
18 – 34 Years Old 37% 17%
35 – 54 Years Old 44% 29%
55+ years Old 58% 30%
Total 47% 26%

A quarter of the UK adults Royal London surveyed said they have a life policy, however just 6% have critical illness cover despite this representing a significantly greater risk of occurrence. More surprising was the fact that only 4% of respondents said they had an income protection plan in force.
Unsurprisingly, respondents with children under 18 are more likely to have life, critical illness and income protection insurance.

  • Income protection (with children 8% vs 2% without)
  • Critical illness (with children 11% vs 4% without
  • Life insurance (with children 35% vs 22% without)

Almost 2 out of every 5 people asked feel it is really important to ensure their families and dependants are looked after financially should they die. Interestingly, these figures don’t change based on age or gender.

Two notable events which influence this belief are – having children and the experience of previous redundancy.

Nearly 50% of parents with children said it was really important to have insurance in place while 42% of those who had been made redundant in the past recognised the need for income protection. Both statistics easily exceeding those with children who did not see a need for insurance (14%) and those who had suffered redundancy and could not see a need for income protection (37%)

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Mortgage ID’s expert insurance advisers have over 50 years combined experience helping all ages protect the things that are important to them. They offer a completely free, without obligation consultation, either face to face in your home, over the telephone or online via Skype, Messenger or Face Time.

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