New research by the independent body, Unbiased.co.uk reports that searches on the internet for protection related insurance products have jumped significantly since the start of the year.
According to Unbiased.co.uk the number of protection insurance related internet searches has increased by 39 per cent since January 2010.*
Brits seeking financial stability
It is argued by Unbiased.co.uk that more and more Brits are looking at various ways of protecting themselves financially using the insurance products available to them in the market. One of the main products discussed was life insurance to cover mortgage loans, thus protecting the financial stability of partners and children should the worse happen.
The Chief Executive of Unbaised.co.uk, Karen Barrett argues that the increased online interest in protection related queries is a great opportunity for independent advisers to demonstrate their skills and value.
On particular example given is in ensuring that certain (mainly single) life insurance plans (also know as life assurance plans) are written into trust (which enables the payout from the plan to remain outside the personal estate of the deceased policyholder, thus avoiding any potential estate inheritance taxation).
Mortgage and unemployment protection
One area of protection coverage not analysed by the research relates to mortgage protection (or more specifically mortgage payment protection) and unemployment insurance.
If figures from these two areas of the insurance market were added to the research it would most likely show an even greater increase in the number of online searches.
It is likely that the media coverage of the October Spending Review (both pre and post the actual release of the review) has highlighted potential for future job losses to many individuals in the UK, most notably in the public sector where it is expected that around 500,000 jobs will be lost.
The coverage of the budget cuts and potential for redundancies has encouraged many individuals to seek a means of earnings and mortgage protection in the private insurance market.
Drewberry Mortgage Insurance have noticed a significant pick up in enquiries for unemployment related policies in the last three months from individuals who have never held this type of cover before, and this applies to both individuals in the private and public sectors.
*The number of online searches are based on Google.co.uk figures.