A survey of 2,000 adults has revealed that over half (54 percent) of Brits have no idea what affects their life insurance premiums, with nearly one in 10 believing it’s unnecessary if you’re single.
Among the respondents, 54 percent currently do not have life insurance. While the top reason for not taking out a policy was the inability to afford it (32 percent), more than one in 10 mistakenly believe they are “too young” to obtain coverage. Additionally, some individuals think they are ineligible for life insurance as they are not the primary breadwinner in their household (8 percent) or do not have young dependents (14 percent). Furthermore, over 5 percent mistakenly believe that age restricts their ability to secure coverage.
The survey, commissioned by Smart Insurance, also revealed that 10 percent of respondents did not think they could obtain life insurance if they had pre-existing health conditions.
David Rees, Chief Operating Officer at Smart Insurance, emphasized the importance of dispelling common myths surrounding life insurance. He highlighted the need for individuals to research and become informed about the true nature of life insurance, its cost, and how it can provide financial security for loved ones. Rees explained that life circumstances change over time, and taking out a policy earlier can lead to cheaper premiums and peace of mind.
The study also found that one-fifth of those who had taken out life insurance reported positive lifestyle changes. This included increased water consumption (32 percent), lowered BMI (24 percent), gym memberships (21 percent), and adopting a vegetarian diet (16 percent). Additionally, one-third improved their diet, 27 percent quit smoking, and 21 percent abstained from alcohol after securing life insurance coverage.
The research, conducted by OnePoll, showed that only one-third of respondents felt adequately knowledgeable about life insurance. Over 30 percent regarded it as a taboo subject that is not discussed enough within their families.
Regionally, Northern Ireland had the highest percentage of individuals with life insurance policies (61 percent), while the South East and Yorkshire and the Humber had the lowest rates (both at 40 percent). Londoners claimed to have the most knowledge about life insurance (43 percent), while individuals in Yorkshire and the Humber were the least informed (26 percent).
David Rees emphasized that discussing and considering life insurance may be difficult, as it forces individuals to confront their mortality. However, securing life insurance ensures the financial well-being of loved ones in the event of the insured’s death, alleviating worries and concerns.
To test one’s knowledge about life insurance, Smart Insurance provides a quiz available at: [quiz link]
Note: This article is based on a survey commissioned by Smart Insurance and conducted by OnePoll.
Sam Allcock is the CEO of PR FIRE – PR & Content Marketing Platform
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