The UK's singles population represents a potentially huge business opportunity for IFAs struggling with depolarisation as most have not bothered to sort themselves out with relevant illness or income protection, says Zurich Financial Services.
Around half of the 500 single men and women aged between 35 to 45 surveyed across the UK admit having a car and regular holidays are more important that critical illness cover, permanent health insurance and mortgage protection, the provider says.
Thus, while being single means being “free from the hassles of relationships”, single people are also generally unprepared for the worse.
Although rates of non-coverage relating to critical illness and permanent health insurance are bad enough, the really shocking figure is that fewer than half, 46%, of single homeowners have taken out mortgage protection.
The biggest issue cited is cost, with a whopping 72% of those questioned saying they would not cut back on monthly expenditure to fund the purchase of CIC or PHI, Zurich’s figures suggest.
Zurich has published a website called www.singleandsorted.co.uk as well an associated guide Independent, Single and Sorted, which can be downloaded and used by both IFAs and clients.
Details of the IFA guide are designed to complement the Zurich brochure Keep the independence you’ve earned which can be used to indicate the possible losses due to critical illness or long-term sickness.IFAonline
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First mentioned in Cridland Report