People are putting too much emphasis on price when insuring arguably the most important thing in the world, their lives, finds Datamonitor.
Research by the independent market analyst suggests that people are running the risk of leaving their loved ones struggling to cope financially if they die, become ill or loose their jobs. For example, a mere 11.2% are choosing whole-of-life insurance based on what the policy offers and only 3.6% look at product features when choosing long-term care insurance.
Mya Myat Moe at Datamonitor says, “People do not realise that they need to ensure they have the right sort of cover for life assurance, critical illness, income protection, and long-term care. They need to be aware of the value of cover, so that they take it out and choose a policy that delivers the right features to suit their financial situation.”