Compare Cover: life insurance’s attraction rises with ‘family friendly name’
Comparison website Compare Cover found almost a quarter of UK adults would be more likely to buy life insurance with a family friendly name
A total of 7% said they would be more inclined to buy if it was called ‘Dependant Cover’, while another 7% said they would be more likely to buy life insurance if it was packaged more simply as ‘Mortgage Insurance’.
Compare Cover said only 5% would be willing to take the direct approach and take out a policy entitled ‘Death Insurance’, while 20% said they would not consider buying life insurance.
Less than half (44%) said the alternatives offered would not make any difference to their buying habits.
Of those questioned, those in Northern Ireland and the West Midlands were most keen to put family first when it comes to policy names, with 39% and 27% of respondents more likely to buy ‘Family Protection Insurance’ in these areas respectively.
The research involved an online survey conducted among 1,000 randomly selected British adults by One Poll in March 2017. The results come as part of a campaign looking at true values in life from Compare Cover.
Compare Cover’s business development Director, Mike Preston, said: “What is perhaps most interesting to note about these results is the level of emotional attachment UK consumers have with regards to all aspects of their domestic set up, even down to the provision of life insurance policies.
“For some, life policies are possibly regarded as a necessity, but a significant proportion appear to find the process of taking out life insurance an emotionally compelling one, reflecting a need for providers within the industry to potentially consider a more family friendly approach.”