Only 21% of people with traditional life insurance policies would consider switching to pension term assurance, according to research from moneysupermarket.com.
The survey of 2,359 people reveals 51% of UK adults have some form of life insurance, but only 9% say this is a PTA policy. A further 31% say they would not even consider PTA and 41% say they do not know whether it is something they should consider. The survey reveals widespread ignorance and misconceptions around PTA, as 12% of respondents believe they need a pension to take out PTA and 23% of traditional policyholders who would not consider making the switch admit they do not know anything about PTA. Just 6% of adults have already opted for the product. Emma Walker, protection manag...
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