UK adults ‘often aren’t aware of financial protection products’ – Quote Life Cover
by Liz Seyi Digital marketing managerTo
say that the last few years have been very up-and-down ones in most of our
lives would be quite the understatement. Whether it’s COVID-19, Brexit, or
other sources of social or political tumult, we’ve all had a lot to think about
in recent times.
That,
in turn, is perhaps underlining the urgently important role that financial
protection products, such as critical illness cover and income protection insurance, can play. But how many of us have even heard of these
products, or know how each of them works?
The
answer might be... surprisingly few of us, at least as far as recent research
cited by the Financial Times newspaper’s FT Adviser website has discovered.
Almost a fifth of you have never heard of income protection
The
study in question surveyed 2,000 UK adults in July 2021, exploring their
knowledge and understanding of the various financial protection products on the
market today. And it’s fair to say there were more than a few potentially
concerning outcomes.
Nearly
one in five of the poll’s respondents, for example, had never heard of income
protection insurance, while a sixth (17%) of the research participants had
never heard of mortgage payment cover protection. More-or-less the same
proportion of people (16%) had no awareness of what critical illness cover was.
Even
among those who had heard of such popular protection products, significant
numbers of UK adults admitted that they did not understand what those products
specifically offered.
18%
of those quizzed, for instance, said they had heard of critical illness cover,
but did not understand what coverage it provided. There was a similar
percentage (20%) who stated the same about income protection insurance.
Does it really matter that a lot of people don’t know much
about financial protection?
This
is likely to be an interesting question for many of you. After all, you might
imagine that you’re relatively unlikely to need to use such a product. There is
also a misconception in some quarters that financial protection plans are always
expensive, and that they don’t pay out when required, all of which is far from
the truth.
The
reality is, none of us can be entirely sure when we might find ourselves
sustaining an injury or falling ill, which are circumstances when we may be
very thankful for having the right financial protection policy in place.
Sure
enough, the aforementioned study also found that one in six (16%) of those
polled had previously needed a protection policy, but did not have one in
place. And a whopping 73% of workers admitted that they had worried about being
forced to take time off work due to an illness or injury since the onset of the
pandemic; of these, 30% worried more than they previously did.
Never underestimate the invaluable help financial protection
can provide
Peace
of mind, we’re sure you will agree, is a more precious commodity than ever
these days. But if you want to be sure of being well-protected - and have
therefore decided to look out for a financial protection policy - you will also
need to ensure you select the right one for your circumstances and
requirements.
Here
at QuoteLifeCover.com, we can help you to start making sense of this insurance
market that can be so confusing or overwhelming for so many people, and to gain
access to the best quotes.
Our
partnerships with trusted specialist intermediaries can help bring you closer
to the life insurance, critical illness cover, or income protection insurance
that most suits your needs. So, why wait any longer to request your free quote?
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Created on Dec 24th 2021 00:38. Viewed 142 times.