Did you know that you’re SIX times more likely to pass away before retirement than you probably think. Morbid we know, but it gets you thinking doesn’t it. What would happen to your loved ones should the worst happen? How would they cope financially? Would they cope financially?
Life Insurance is one way of putting this worry to bed. However despite this, people still choose not to protect their life, even after being faced with a global pandemic. But why?
Drewberry’s 2021 Pandemic Health & Protection Survey of 1,000 working adults found that 44% of Brits believe that insurers have paid out less than 50% of Covid related Life Insurance claims. This could go some way to explaining why people are reluctant to put cover in place.
The results are surprising when in fact the reality is somewhat different.
As an industry there is a lot more we need to be doing to build trust and celebrate the good work we do.
It appears that there is still a big misconception that insurers don’t payout, and even though more people are thinking about their financial stability, putting protection such as Life and Income Protection Insurance in place, isn’t at the top of the to do list.
The reality is that insures do pay out claims. According to the Association of British Insurers (ABI) insurers paid £202 million in individual and group life claims for COVID-19 alone.
This is the equivalent of £553,000 a day going to support the families and loved ones of those who have lost their life to Covid-19.
Life Insurance isn’t for everyone, however for those who do have children or a mortgage it can provide all important peace of mind, knowing that if the worst should happen your loved ones would be financially secure.
It’s not just death that Life Insurance will payout for either. Some insurers will provide cover for:
Life insurance today isn’t just about a piece of paper in a drawer, it can offer real tangible benefits over and above just the core cover it provides.
Many insurers offer ‘free’ additional benefits alongside their policies which you and your family can take advantage of. These are designed to help you to lead a healthier and happier lifestyle through services such as:
We have a team of expert advisers who are on hand to help you compare the top uk Life Insurance policies and find you the most competitive policy for your personal circumstances.
Independent Protection Expert at Drewberry
For fee-free Life Insurance advice, the team at Drewberry is happy to help. Just drop us a call on 02084327333.
Very good service from Rauri – he has been very helpful and thorough.