Research carried out for Bright Grey, the protection specialist arm of Royal London, has revealed that the most important protection to have is Life Assurance.
40% of people put life assurance first.
When it comes to buying insurance;
- 61% insure their trips abroad
- 53% insure their life
- 23% insure their mortgage payments
- 20% insure their credit cards (28%)
- 15% have income protection
- 14% have critical illness cover
- 10% insure loan repayments
While life insurance comes out as a priority, Roger Edwards, Product Director at Bright Grey comments: “I would have expected many more people to rank life cover as the most important insurance to have. And it’s astounding to see protecting mortgage payments so far behind contents insurance. Although most know how important life insurance can be, many simply aren’t taking out the cover. For most, life insurance is key when it comes to planning properly for the future. It protects your dependents if you die and they lose your income. And if you don’t have dependents, and really don’t need life cover, then what about critical illness cover or income protection - if you value yourself, you should be protecting yourself.”
Bright Grey offers a Menu Protection plan (with life, critical illness and income protection options) and a Pension Term Assurance plan. All Bright Grey plans automatically include Helping Hand at no extra cost. This is a unique service that provides the support of a qualified nurse at the point of claim, and access to legal, medical and personal helplines for the term of the plan.