Brits prefer mobile phones to life insurance

by Gill Montia

Story link: Brits prefer mobile phones to life insurance

Life and pensions company Friend Provident, has found that 54% of people questioned in its Protection Survey had no life insurance.

Of the 46% of respondents with life insurance, the majority (nearly seven in ten) said they would seek professional advice when considering cover and that they would do this by consulting a financial adviser, or undertaking research online and through newspapers.

Over 27% of participants in the survey indicated that they would choose to purchase life insurance if they had £5 a month to spend on cover.

Mark Jones, protection products and actuarial manager at Friends Provident, comments: “Understandably, none of us really want to think about our own mortality, but we do owe it our families to ensure that we have made provision, be it to pay off the mortgage or provide a lump cash sum.”

While Mr Jones’ sentiments are admirable and wise, the survey suggests that for the majority priorities lay elsewhere, as only 6% of respondents were prepared to accept free life cover in exchange for their mobile phones.

Meanwhile, LifeSearch, the life and protection portal, is reminding policyholders who have ceased smoking for over a year to contact their insurers, because they could be eligible for a lower premium.