Families Prepared to Sacrifice Luxuries & Entertainment to Keep Life Protection

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Posted 28th April 2022 by

Individual protection has been ranked as the commodity people in the UK are least likely to give up due to increasing cost of living.

According to a recent Censuswide survey commissioned by MetLife of 3,000 UK consumers, only 4% of respondents would sacrifice their income/individual protection, while 5% said they would give up their life insurance or private medical insurance protection if forced to make cutbacks.

In contrast:

  • 40% said they would give up everyday perks such as eating out or buying coffees
  • 37% are prepared to forgo “luxury items” such as household goods or furnishings
  • 28% would give up entertainment subscriptions like Netflix

Alongside protection policies, people were least likely to give up private school fees (4%), travel tickets (6%) and phone contracts (6%), illustrating where UK families spending priorities currently lie.

The Office for National Statistics (ONS) recently reported around 9 in 10 (87%) adults reported an increase in their cost of living over the past month compared with 62% in Nov 2021. The squeeze on household finances is very apparent, yet it’s clear that most people want to cling on to the protection they took out to protect their family.

Chris Reed, head of business development, explained that highest inflation in 30 years, increasing fuel bills and food costs are all stopping money from going further each month.

“It’s positive to see that families remain committed to holding life insurance policies as we know what a huge impact this cover can have especially when a family loses a young parent” he said.

“Sometimes, we speak to families evaluating their finances who are really weighing up their priorities. We get it, Netflix gives everyone in the family a daily benefit. I know my daughter would be disappointed if we cancelled our subscription. But, if push came to shove I know I would prefer to know she and my wife would be ok should the worst happen to me. It would seem that many other parents would agree.”

 

 

Sources:
https://www.covermagazine.co.uk/news/4048727/consumers-value-protection-policies

James Holden

Experienced marketing specialist within Financial Services, having managed hundreds of effective digital marketing campaigns for numerous UK insurance and mortgage brands since 2016.

From creating the world’s first Pokémon Go insurance, to launching a new product category within the appliance insurance space, to designing chat-bots which compare homeowner loan rates… I enjoy making consumer finance accessible to all and fun where possible!

I joined Protect Line in early 2020, a time when a lot of people started to seriously consider life insurance for the first time. Our lives can change in an instant, often without warning, and I love working in an industry which supports families during their most difficult times.

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