Brits put too much emphasis on cost of life insurance policies
Wed, 24 Nov 2010
Consumers in the UK are putting too much emphasis on price when insuring their lives, according to new research.

According to a study conducted by Datamonitor, consumers are running the risk of leaving their loved ones struggling to cope financially if they die, become ill or loose their jobs . The independent market analyst found that only 11.2 per cent are choosing whole-of-life insurance based on what the policy offers and worryingly, only 3.6 per cent of consumers look at product features when choosing long-term care insurance .

Mya Myat Moe, analyst at Datamonitor, said: "Many consumers simply perceive that they cannot afford protection insurance and those that do take it out focus more on price than what the product is there to do. Apart from anything else, consumers are currently shouldering high personal debts so they need to make sure that if the worst does happen, their loved ones can count on insurance ."

Ms Moe insists that insurers and the government need to work harder to make sure consumers begin to see insurance as a necessity to prepare for unforeseen circumstances.
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