Covid Pandemic Increases Interest In Protection Products

Two separate pieces of research have highlighted how the Covid-19 pandemic has caused people to rethink their attitudes towards life and health risk, sparking increased interest in protection products.

Gen-Z most influenced by pandemic

The first piece of research: ReMark Global’s seventh annual Global Consumer Study (GCS) into life and health insurance, found that Generation Z (the demographic cohort born between the mid-to-late 1990s and early 2010s) are the age group most influenced by Covid-19 and its associated health and mortality risk.

According to the survey, this age group expressed the strongest views, with over half (51%) saying their attitudes towards the value of insurance have changed in light of the pandemic. This compares to just 22% of Baby Boomers (generally defined as people born from 1946 to 1964).

Overall the study found around 40% of consumers had changed their minds about insurance as a result of the Covid-19 pandemic.

Covid-19 providing a new perspective for many

Meanwhile, research from VitalityLife shows that the Covid-19 pandemic has provided a new perspective for many individuals when it comes to major life events.

Prior to the coronavirus outbreak, a new home and first born baby were the two most significant life events to prompt people to consider their life insurance needs. Now, however, the Covid-19 crisis has also prompted people to consider their protection needs.

According to the survey of 2000 consumers, 10% said one of the biggest life lessons to come from the pandemic is the need to protect themselves and their family’s future with life insurance. Specifically, more than a third of respondents said that the pandemic has made them more aware of the need for life insurance. This rises to more than half for those aged between 25 and 34.

The poll also found that three in five (59%) people have realised that life is too short and that anything can happen to them or their families.

The research showed that the Covid-19 pandemic has also caused people to reassess what is important in life, with the top priorities for most people being to spend more time with family (28%), improve their health by losing weight (22%), improve their mental health and emotional wellbeing (20%), take better care of personal finances (19%) and make healthier choices with what they eat (18%).

However, while so many people want to make positive lifestyle changes, almost a quarter are now less optimistic about achieving their long-term goals than before the pandemic. Furthermore, one in seven (15%) said they feel unsure about the future and don’t know what to do next.

Speaking about the survey, Deepak Jobanputra, managing director of VitalityLife said: “The coronavirus pandemic has changed the way we live our lives and what we consider to be important, and while it has prompted many people to make changes in their lives, many don’t know where to start and feel uncertain about the future.”

Reconsidering your options?

Has the pandemic caused you to reconsider your attitude towards life and health risk? If it has, what changes have you made? If you’re not sure where to start, we’re here to help. Get in touch and we’ll help you find the most suitable protection for your needs.

Author | Claire Ginnelly 

Claire Ginnelly is the Managing Director of Premier Choice Health and has been in the private medical insurance industry since 1991. All her experience has been gained working for large insurance companies managing the distribution of health insurance products through intermediaries. She has held senior positions within Standard Life Healthcare, as Head of Intermediary Sales, and Groupama Healthcare, as Head of Distribution.

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