Do you agree?
New research on behalf of Compare Cover, the life insurance comparison website, has revealed that almost a quarter of UK adults would be more likely to buy life insurance if it was called ‘Family Protection Insurance’ instead.
24 per cent of UK adults more likely to buy life insurance entitled ‘Family Protection Insurance’
Consumers in Northern Ireland and West Midlands prefer family friendly name
Only five per cent of UK adults willing to purchase ‘Death Insurance’
It seems family really does come first for many Brits after 24 per cent of those questioned said they’d be more likely to take out cover if it was retitled accordingly. Seven per cent said they would be more inclined to buy if it was called ‘Dependant Cover’, while another seven percent said they would be more likely to buy life insurance if it was packaged more simply as ‘Mortgage Insurance’.
Only five per cent would be willing to take the direct approach and take out a policy entitled ‘Death Insurance’, while a fifth (20 per cent) said they would not consider buying life insurance. Less than half (44 per cent) said the alternatives offered would not make any difference to their buying habits.
Compare Cover’s Business Development Director, Mike Preston, said: “What is perhaps most interesting to note about these results is the level of emotional attachment UK consumers have with regards to all aspects of their domestic set up, even down to the provision of life insurance policies.”
“For some, life policies are possibly regarded as a necessity, but a significant proportion appear to find the process of taking out life insurance an emotionally compelling one, reflecting a need for providers within the industry to potentially consider a more family friendly approach.”
The results come as part of a campaign looking at true values in life from Compare Cover, which has been helping people with their insurance needs since 1999.
Of those questioned, those in Northern Ireland and the West Midlands were most keen to put family first when it comes to policy names, with 39 percent and 27 per cent of respondents more likely to buy ‘Family Protection Insurance’ in these areas respectively.
Preston added: “It’s so important as insurance providers to remember that in dealing with these decisions in support of the customers we exist to serve, we are working to provide and protect for the future not only on their behalf, but on behalf of their extended families too.
“For most of us, providing for your family and ensuring they are safe and well always lies at the heart of everything we do, with the results of this survey just going to show how vital it is that those operating within the financial sector remember this.”
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