More than half (56%) of Brits have no idea what affects their life insurance premiums – with almost one in 10 believing you don’t need it if you’re single.
This is according to new research from leading life insurance brand SMART, who surveyed 2,000 UK adults about their knowledge and choices regarding life insurance.
The survey revealed more than half of UK adults don’t have life insurance, with almost a third (32%) saying this was because they couldn’t afford it.
Other reasons stated for not having life insurance included being ‘too young’ (12%), not being the breadwinner in a household (8%), not having a family (14%), and being fit and healthy (6%).
Interestingly, the study found that a fifth of respondents who had life insurance, changed their lifestyle habits.
A third said having life insurance led them to drink more water, almost a quarter to lower their BMI, one in five to join a gym and 16% even went vegetarian. Additionally, one in 3 improved their diet after becoming insured, 27% quit smoking and 21% gave up alcohol.
But Brits seemingly have a knowledge gap when it comes to life insurance. A mere third of Brits felt they knew enough about life insurance, whilst 31% said the subject was taboo and wasn’t talked about enough within their family.
David Rees Chief Operating Officer at SMART comments: “There are a lot of common myths around life insurance. Understanding what it really is, what it costs and how it can provide for your loved ones is key – it’s so important to do your research and to be informed.
You may think you don’t need life insurance if you’re single, or young and healthy. But life changes over time, and taking out a policy now may help you secure cheaper premiums and give you peace of mind you’re covered when those milestones occur.
We know that thinking and talking about life insurance can be difficult, as it forces us to confront what will happen when we die. But securing life insurance now means your loved ones will be safe should the worst happen, so you don’t need to worry.”
When it came to which regions were the most knowledgeable about life insurance, Londoners claim to know the most and Yorkshire and the Humber the least – 43% and 26% feeling they knew enough about life insurance, respectively.
Northern Ireland took the title of most insured region, with 61% possessing a life insurance policy, whilst the South East and Yorkshire and the Humber were least insured (both 40%).
• The data is from a nationally representative survey of 2,000 UK adults conducted by OnePoll on behalf of SMART
• Please reference our data here: https://www.smartinsurance.co.uk/life-insurance/life-insurance-myths/
• SMART is a leading UK specialist provider of life insurance
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