Market research carried out by Bright Grey has shown that travel insurance and cover for electrical ...
Market research carried out by Bright Grey has shown that travel insurance and cover for electrical goods are more than twice as popular as critical illness (CI) and private medical insurance (PMI).
The survey of 1,753 consumers found 38% of those questioned said travel insurance is the form of cover considered most important, while only 15% think protecting their health should come first. Respondents also rated the protection of washing machines and fridge freezers above their own wellbeing, as 27% valued electrical goods insurance over all else.
The worrying trend of covering material goods rather than healthcare cannot be put down to mere negligence however, as 55% of respondents claim to have fully reviewed their protection needs in the last two years.
The survey also revealed that 39% lacked trust in the insurance industry and were therefore reluctant to seek cover. A further 48% of respondents put the UK population's lack of life protection down to the high cost of premiums, while just under half of those questioned claimed to be confused as to which protection product most suited their needs.
"A total of 48% of those surveyed claim they're not protecting their health due to the cost of premiums. This is simply another form of confusion," says Mark Locke, communications manager at Bright Grey.
"For example, if you can afford to go to the cinema each week, you can afford critical illness protection. A total 63% of respondents are covered for a vehicle breakdown, but just 16% have critical illness protection in the event of a health breakdown. Simply put, it's not the cost that discourages critical illness uptake, but consumer reluctance to think about the worst happening," he said.
