Households insure possessions before people
New research claims people are more likely to insure their possessions than they are their lives, ppiadviceline.co.uk reports.
According to Zurich’s new ‘Big Decisions’ study, home contents insurance is much more popular among Brits than life insurance is.
Of those questioned by Zurich, 73 per cent of those in both properties to rent and in their own homes said they have home contents insurance to protect their possessions. 67 per cent, meanwhile, have comprehensive car insurance, 58 per cent have buildings insurance and 33 per cent have travel insurance. Life insurance, meanwhile, was only taken out by 38 per cent of the recipients.
Despite it being the fourth most popular policy, life insurance was seen by those surveyed as the most important, with 23 per cent giving it as the insurance policy that everyone should have.
“Although more people thought that life cover should be the highest priority in terms of having insurance, it only ranks fourth in the cover that people actually buy,” Zurich’s head of protection and underwriting told propertytalklive.co.uk.
“Without life insurance, the devastation felt when a loved one dies can be closely followed by financial devastation when the family are unable to afford to live their current lifestyle. For many, selling a family home soon after the death of a spouse is a harsh reality
When it came to taking out insurance policies, 53 per cent of those surveyed said they shopped around to find the best deal. Nearly half said they do so in order to find the cheapest deal, whereas 16 per cent opt for a brand they know and trust.