The COVID-19 pandemic has triggered millions of UK adults to think about their mortality, especially in terms of how their loved ones would cope financially in the event of their death, new research shows.
According to insurer Canada Life, since the start of the COVID-19 pandemic, 11% of UK adults (c. 5.8 million people) have thought about or taken out life insurance.
Leading the way in this trend are younger adults, with almost one-in-five 18 to 34-year-olds having considered or taken out life insurance. In fact, 18-34-year-olds were nearly twice as likely to have done so since the pandemic began.
Furthermore, the Canada Life research also reveals that the pandemic has triggered significantly more men to consider their mortality than women. Indeed, since March last year, 14% of men have thought about or taken out life insurance, compared to just 8% of women.
This comes at a time when nearly seven in 10 (69%) UK adults have paid closer attention to their finances since March last year.
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Dan Crook, Protection Sales Director, Canada Life, comments: “Talking about death is never an easy conversation, but it’s encouraging that the pandemic has prompted people to think about their own mortality and any unexpected negative financial impacts their family might experience.”
But despite the pandemic triggering more people to think about their own mortality, there are still 32.9 million (63%) people who have never considered or do not have an active life insurance policy in place. In the event that they pass away or fall seriously ill, their family and loved ones will have no financial safeguards to fall back on.
“It is concerning however, that there is still a significant proportion of the population without a life insurance policy in place. As an industry we must do all we can to highlight the importance of protection and the peace of mind it provides, both financially and emotionally, before it’s too late,” Crook added.
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What impact has COVID-19 had on you when it comes to thinking about your mortality? Are you one of the 5.8 million individuals who has considered or taken out life insurance since the pandemic started? If you’re not, take a moment to think about what your family would do in the event of your death. Would they be able to cope financially at a time when their emotions will already be running high?
At Premier Choice Group, our advisers are here to help you not only find your way through the life insurance market and choose the best life insurance provider for you, but also help you secure the best deal possible. Contact us today to discuss your needs.