The results of Legal & General’s poll made for interesting reading. Around 80% of parents they asked believe planning for the future is important, and many agree a life insurance policy could help protect their family.
So, why are there so many people without cover? Our poll unearthed three significant answers to that question:
1. Life insurance is too expensive
Most of the parents polled acknowledge the benefits of a life insurance policy, 51% of parents believe it’s too expensive to even consider. But it could be worth thinking about sooner rather than later as the cost of life insurance usually increases as you get older. Depending on your circumstances and needs, a life insurance policy could be cheaper than you think. For example, our life insurance starts from just £6 per month, which is equivalent to around 20p per day.
2. Taking out a policy is too complicated
As a parent, you value what little free time you have, and you probably don’t want to spend it filling out long-winded forms.
This sentiment came across in the findings, with a number of mums and dads believing that taking out a life insurance policy would be complicated and time-consuming. In fact, this was the third most-cited reason parents gave us for not taking out a policy. However, taking out a policy can be pretty easy.
3. Too young to think about life insurance
Despite a strong desire to protect their family’s future, many parents haven’t thought about the financial implications death could have on their loved ones.
Many parents simply don’t believe they’re old enough to worry about death, with 20% of parents under 35 telling us they felt too young to think about Life insurance at all.
For many parents, it would take an unforeseen jolt to make them rethink their stance on life insurance. In fact, 22% of those we spoke to believe that if they or their partner fell ill, they’d consider taking out a policy.