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Pandemic prompts uptake in life insurance policies

  • 8m UK adults have thought about or taken out a life insurance policy since the beginning of the pandemic

 

Since the beginning of the COVID-19 pandemic 5.8 million (11%) UK adults have thought about or taken out life insurance policies, research from Canada Life today reveals.1 Leading this trend are 18-34 year olds, with nearly a fifth (19%) considering or taking out life insurance policies. This comes at a time when nearly seven in 10 (69%) UK adults have paid closer attention to their finances since March last year.

 

Despite the pandemic triggering more people to think about their own mortality, there are still 32.9 million (63%) people who have never thought about or do not have an active life insurance policy in place. This means that should they die or fall seriously ill, their family and loved ones will receive no financial support.

 

The research also reveals that the pandemic has prompted more men to take action than women. Since March last year, 14% of men have thought about or taken out life insurance policies, compared to just 8% of women.

 

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.

 

“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.”

 

 

 

1 Research among 2002 UK adults conducted by Opinium Research between 9-12 March 2021. Grossed up figures were derived by dividing those that gave this option by the total sample size, then multiplying by the UK adult population:

  • 220 UK adults have taken out or thought about life insurance since March last year / 2,002 (total sample) * 52,673,000 (UK adult population) = 5.8 million
  • 1,251 UK adults have not taken out or thought about life insurance / 2,002 (total sample) * 52,673,000 (UK adult population) = 32.9 million