People regard life as the most important thing to insure but in reality they buy home contents and travel insurance, according to research from Bright Grey.
The survey of 2,000 people reveals 38% rank life as the most important thing to insure, followed by home contents (23%) and mortgage payments (11%).
Income was seen as the most important thing to insure by 4% of people, while critical illness (CI) cover was seen as most important by 2%.
The survey also reveals more people spend their money on home contents insurance and travel insurance than on life cover, and almost as many insure their credit cards and have central heating breakdown cover as protect their mortgage payments.
Around 74% insure their home contents, 61% insure their trips abroad, 53% insure their life and 23% insure their mortgage payments.
A further 15% have income protection (IP) and 14% have CI cover.
Roger Edwards, products director at Bright Grey, says: “This is a real worry. Less than a quarter of people protect their mortgage – over three times more people insure their home contents. And although people seem to know how important life insurance can be, many simply aren’t taking out cover.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards