Cardiff, UK (PRWEB) September 8, 2010
New research from Confused.com has revealed that less than half the adult population have life insurance cover, and that even fewer have ever switched their life insurance provider, meaning that as a nation we are under-insured and could well be over-paying for inadequate cover.
Findings from the comparison site show:
- 60% of people don't have a life insurance policy;
- Of those without life insurance, 69% are married or in a relationship and 35% have children;
- Only 30% of people have ever switched life insurance providers;
- Men are more likely to switch provider than women - 35% of men had switched provider compared to 29% of women;
- Regionally, the people in the East Midlands were the best with 53% having cover, compared to Northern Ireland, the worst region with just 35% choosing to protect their loved ones;
- In terms of switching, the savviest region is the South East where 36% of people have switched, but at just over a third of people it's not an outstanding performance. The North East is the worst region for switching where just one in four have made a change
Commenting on the findings, Matthew Lloyd, head of life Insurance at Confused.com, said:
"It's worrying that so few people have a life insurance policy, and equally worrying that so few have switched provider. Any change in life circumstances, like getting married, buying a new house, starting a family or even getting divorced should be a trigger for reviewing your life cover and ensuring you have the right level for your needs. The fact that so few people with life insurance have ever switched provider suggests that they may not be reviewing it either, making regularly monthly payments and forgetting about it.
"Having the wrong level of cover could make a huge difference in the event that something did happen to the policy holder. The mortgage might not be fully paid, income needed to support children as well as a spouse may no longer be at a sufficient level or a new partner might have been overlooked.
"It's important to revisit the policies whenever a life change happens or every 2 years as a minimum, and that customers shop around for the best deal for their needs, comparing prices and levels of cover rather than blindly continuing with their existing policy. Reviewing your policy doesn't have to mean an increase in payments, changing provider may enable customers to get greater cover for decreased premiums, or the review might bring to light that not as much cover is needed."
For further information please contact:
Press Office, Confused.com 02920 434 398
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van and car insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.