At this time when seemingly everyone is under an elevated level of financial pressure, we can well understand you feeling the need to make some hardnosed decisions you would rather not make. And one of your calculations might be that you simply have to do without the protection insurance you may have otherwise wished to have.
Recently, research findings have emerged that indicate many members of the UK population are struggling with this dilemma.
Too few people in the UK seem to be seriously considering protection insurance
As reported by COVER, data indicates that fewer than two in every 10 people in the UK - 17% - have income protection insurance already, or are in the process of applying for it. This is despite 43% of working-age adults admitting that they are worried about a loss of earning arising from personal illness, which is exactly the kind of risk that income protection cover is designed to address.
The picture doesn’t seem much more encouraging when one looks to life insurance - the type of protection insurance that pays out a one-off tax-free lump-sum amount in the event of the policyholder passing away.
This much is clear from a separate COVER article, which suggested that according to research carried out by a well-known insurance company, a mere 35% of UK families have a life insurance policy in place.
Worryingly, more than a third - 35% - of those questioned said it was “too expensive” to purchase cover, even though they acknowledged the very real benefits of having such cover in the event of the worst actually happening.
Lack of knowledge appears to be a major barrier to people investing in what might be much-needed protection
The above situation of potential protection insurance policyholders being deterred by fears of an overly high cost are all the more saddening, given the evidence of how affordable such protection can be relative to other frequent household expenses.
Indeed, the recently released statistics showed that some 42% of individuals said they weren’t sure how much life insurance costs, but were happy to spend money on entertainment services. Some 71% of the polled households paid for at least one monthly subscription service.
The fact of the matter is that life insurance policies can often be cheaper than streaming services, magazine subscriptions, and gym memberships.
So, the cost of invaluable peace of mind about your financial situation could be much lower than you think - and even if your finances don’t stretch to the kind of comprehensive protection insurance you would ideally like, it is often better to have at least some protection, rather than none.
If you’re feeling overwhelmed by the prospect of sifting through all the life insurance and income protection insurance options out there, don’t worry!
Our team here at QuoteLifeCover can help you learn more about the most appropriate plans out there for you, and to purchase the policy that is best matched to your needs. Simply give our free and no-obligation advice and quotation line a call today, on 01604 436919.
