Consumers value life insurance
Research from protection provider PruProtect highlights that when times get tough, Brits rely on their insurance cover.
The majority of Brits value financial security over home comforts and would cancel their TV subscription (71%) and mobile phone contract (47%) ahead of their life insurance policy (11%) or home contents cover (4%).
When it comes to the type of protection Brits value most, life cover is at the top of the list for 35% of people and income protection is second, favoured by 20% of Brits. Nearly a fifth of people would opt for other cover such as Critical Illness Cover (12%) or Payment Protection Insurance (PPI) (6%).
And when buying financial protection Brits are unwilling to be caught out by the small print. Over two-fifths would rather have a product based on the extent of cover and number of applicable exclusions compared to a quarter who buy on price alone.
Sammy Rubin, chief executive of PruProtect, said: “With financial markets undergoing a period of uncertainty, many people may be feeling less secure with their budgets and may have to face the difficult decision of stripping down their monthly outgoings.
“Life insurance-related policies such as income protection can be a vital lifeline, supplying funds to cover day to day costs such as mortgage or debt repayments, or if someone finds themselves in unexpected financial difficulties, such as being unable to work due to illness or injury.”