You are here: Home - Insurance - News -

Consumers value life insurance

0
Written by:
18/01/2008

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.”

Related Posts

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Nine out of 10 parents call for more financial education

Research from the Association of Investment Companies (AIC) has revealed that nine out of 10 parents think that personal finance...

Close