Nearly a third of homeowners (31%) would only consider purchasing protection insurance if they fell ill* – too late to support them financially if they couldn’t work.
Other triggers for taking out protection cover include a change in employment status (25%) or having an accident (24%), while 22% say there is no circumstance that would make them consider purchasing a protection product.
Reasons for not taking out cover include:
• Not thinking they need it (28%)
• Believing it to be too expensive (25%)
• Not being able to afford it (22%)
Don’t regret it
Unfortunately, once people experience a change in their circumstances, it is often too
late to protect themselves. Most protection policies do not offer backdated cover, meaning
that homeowners could find themselves in unnecessary financial difficulty as they try to
meet their mortgage, bills and other essential payments.
And, with the survey also finding that one in seven (14%) people regretted not having financial protection in place that would have supported their mortgage payments in the past, it is clear that many people wish they had better understood the true value of protection.
Be one step ahead
We can help explain the implications of having no protection insurance for you and your family, and help you find suitable and cost-effective products to protect you financially – before it’s too late.