Families Prepared to Sacrifice Luxuries & Entertainment to Keep Life Protection

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