A lot of people have difficulties and doubts about their insurers
Halifax has found that Brits are three times more likely to put their pets’ health above their own by insuring them (18%) before covering themselves with protection against critical illness (6%).
In fact, nearly 2 in 5 people (37%) have experienced the loss of income since March 2020, having faced furloughed hours, time off work for caring duties, or a period of illness.
Therefore, it is not surprising that 52% of all respondents now say that in the event of a critical illness of the main breadwinner in their family, they will not be able to use their savings for over 6 months.
In March last year, 17% of people say they or family members have been diagnosed for the first time with a serious non-Covid illness. Despite this, 21% of the respondents still do not consider critical illness and life insurance a priority.
The top barriers to investing in adequate protection are the assumption that people need to take time out of their day to call their insurer to apply for or update their policy (36%), affordability (33%), and a lack of trust that the insurer will actually pay out (13%). The truth is insurers pay out the vast majority of claims and last year Scottish Widows approved 98.75% of claims submitted.
Amid these uncertain times, PaySpace Magazine recommends taking a look at COVID-19 insurance types.
We’ve reported that a popular digital bank to offer insurance products.