Nobody wants to think something bad happening to them. Perhaps it’s why so many people shy away from protection insurance – after all, it’s all too easy to think ‘it’ll never happen to me’.
Unfortunately, ‘it’ can and does happen, whether ‘it’ be injury, illness or death. However, new research shows that the pandemic had a silver lining by making people think more about their financial situation.
In a YouGov survey of 1,000 working adults1, 60% of respondents said the pandemic had made them think more about financial stability – a finding that was particularly pronounced among Millennials. The crisis also changed people’s attitudes to saving, with 63% saying they had been able to save more.
Misconceptions still abound
While this is undoubtedly a positive step, many adults continue to be held back by pervasive myths about protection insurance. For example, 44% of survey respondents believe that insurers paid out less than 50% of coronavirus-related life insurance claims. In fact, the figure was closer to 100%.
Think about your protection needs
Don’t let insurance myths stop you getting more serious about protecting yourself. Talk to us for expert advice on your insurance needs.
As with all insurance policies, conditions and exclusions will apply
1 Drewberry Insurance, 2022