Very few of us, it is fair to say, are ever happy to be in a position of being forced to cut back on our spending; nonetheless, it is a situation that more and more of us find ourselves in these days, amid the intensifying cost-of-living crisis.
You might have already had to make some very difficult decisions of your own on how you spend your income each month, including prioritising certain areas of expenditure over others.
So, with that in mind, what has your relationship with protection insurance been since the onset of the crisis? Have you had a policy that you then decided to cancel, or perhaps you have even taken out a new policy as one of your ‘essential’ elements of spending, to guard against the worst that could happen?
Here at QuoteLifeCover, we would always emphasise the huge importance of keeping hold of a protection insurance policy during straitened times like these, when it might otherwise be so tempting to cancel such a product. This is provided, of course, that the policy you have is well matched to your circumstances and needs.
It therefore heartened us recently to hear of the results of a survey that seemed to reveal a lot of people agreed with us on the considerable importance of protection insurance - such as critical illness cover, life insurance, or income protection insurance - at this tricky time.
What did the research discover about people’s attitudes to protection insurance?
As reported by Cover Magazine, a survey was carried out during March, quizzing 3,000 UK consumers. It found that a mere 4% of respondents would ditch their income/individual protection in order to save money, and that only 5% said they would be willing to sacrifice their private health insurance or life insurance if they had no choice but to make cutbacks.
This was in stark contrast to the research participants’ attitudes to more tangible everyday pleasures, such as eating out or buying coffees, which four in 10 of those questioned saying they would be prepared to do without.
37% of those polled, meanwhile, said they would forgo “luxury items” like household goods or furnishings, and more than a quarter (28%) signalled that they would cancel entertainment subscriptions such as Netflix.
So, what were the other things - besides protection insurance - that those forced to reduce their spending were most reluctant to let go? Well, only 4% said they would be willing to stop paying private school fees, and just 6% would sacrifice travel tickets. The same percentage, 6%, said the same about the prospect of giving up their phone contracts.
The overall picture is one of an adult population in the UK that would seem to have its priorities in the right place at this financially distressing time for so many people.
And with over eight million people across the country having already begun to cut down and cancel subscriptions and other luxuries in order to bring their spending into line with their budgets, it can’t be underestimated just how challenging a time this has been for considerable numbers of people.
Just one more thing...
Have you been considering taking out a protection insurance policy, such as income protection insurance, life insurance or critical illness cover - or even a combined policy - but are unsure where to start?
If so, feel free to call our free advice and quotation service today, on 0800 316 6917. Allow us to guide you through your options for protection cover to help ensure you only invest in the right product for your circumstances and needs.
And don’t forget that our service is no-obligation, so if you decide not to purchase any policy for which we provide you with a quote, that’s absolutely fine. Why wait any longer, then, to get in touch with our professional and friendly UK advisers?