Our new life insurance campaign will run in branches from 14 January to 13 March 2019. The campaign will raise awareness about protecting family, mortgage and lifestyle in ways that are easy for everyone to get behind. We’ll also be highlighting how getting cover is easier and more affordable than you might think.
But why are we running this campaign?
Well, it’s an important conversation to start – According to Your Money, only 30% of Brits have life insurance.
So what are we spending our money on?
A recent Independent article claimed 90% of us would insure our phones ahead of our health and lives.
A MyVoucherCodes survey found that Brits visit coffee shops three times a week and spend an average of £13.45 each time.
The latest Great British Wardrobe Report revealed that each of us spends an average of £1,042 on clothes a year. That works out at about £87 a month.
Research carried out by Kwik Fit showed that the average UK motorist pays £162 a month on all the things needed to keep it running. Like fuel, insurance, tax, servicing and cleaning. If you factor in any finance arrangements like a loan, lease or PCP, the figure rockets to £388 a month.
Yet we resist paying £7 a month for life cover. We save an average of £321 per month according to Mintel. That means it would take eight years and four months to save a year’s average gross salary of £27,600. It’s also worth noting that three in 10 of us aren’t saving full stop. We’d have nothing to fall back on if there was a sudden shortfall in our household income.
So why does nobody want to think about life insurance?
We’re all about joy and instant gratification:
The evidence shows that we’d rather spend on the things that give us joy. That could be as simple as lunch and a latte from the coffee shop opposite work. Those coffees and panini's soon add up, though. Before you know it, £2,000 a year has vanished. But you’ve spent £0 on cover for family who might struggle to pay the mortgage and bills if the worst did happen.
And we don’t trust insurers to pay out
The Independent recently cited trust as an issue, too. It reported that on average, people think that only a third of claims are paid out by insurers each year. Yet in 2017, 98% of all protection insurance claims were paid.
The reality is that life insurance can make a huge difference, covering costs for funerals, helping spouses, families and friends to care for children and ensuring that they can stay in their home. And we hope that starting a conversation around an awkward topic will encourage people to stop and think about planning for the future.