Life Insurance costs less than you may think
16th June, 2015
The protection industry has always faced cost perception challenges, which are often the first barrier between consumers and the peace of mind protection delivers. But surprisingly, a survey by Sun Life has revealed that on average consumers assume the price of Life Insurance to be nearly 400% above the actual cost, a shock even to those in the industry.
Half of those in the poll of over 1,000 consumers also said that cost was the main reason for not having cover with 47% even admitting they just had no idea of the costs.
11% of those surveyed also said their family would be in a difficult financial situation if they became critically ill or died, losing all or nearly all of their income. This is a worrying statistic that speaks volumes as to how much misperception is widening the protection gap in the UK. Managing Director at SunLife Dean Lamble said: "Research shows people are not protecting themselves with life cover because they think it is much more expensive than it is; this misconception needs to be addressed.”
Life cover often costs less than people think and with insurance providers working hard to get their message out there, 75% of advisers now believe that protection sales will increase during the rest of 2015. Contact us or pop over to our quotes page to find out just how good value Life Insurance can be.