Covid-19 triggers interest in life insurance, finds Vitality
New research published today by innovative life insurer, VitalityLife has found that the coronavirus pandemic has become a catalyst for people to consider taking out life insurance.
Typically the triggers for taking out a protection product tend to be centred on major life events such as marriage, a new baby, or a house purchase. However, new research from Vitality has shown that the coronavirus pandemic has become a new prompt for consumers. Three in five (59%) surveyed commented that life is too short and anything could happen to them or their families while one in ten (10%) said that one of the biggest life lessons to come from the Covid-19 pandemic is the need to protect themselves and their family’s future with life insurance.
Additionally, over a third of people said that the pandemic had made them more aware of the need for life insurance, with the number rising to over half for those aged between 25 and 34.
The Vitality research has also revealed that over half of those surveyed believe the pandemic has given them perspective on what’s important in life. It has caused people to reassess whether they are prioritising what matters most to them. The top priority for most people is spending more time with family (28%), improving health by losing weight (22%), improving mental health and emotional wellbeing (20%), taking better care of personal finances (19%) and making healthier choices with what they eat (18%).
However, despite the desire to make changes by so many people, almost a quarter are less optimistic about achieving long-term goals now, than before the pandemic and one in seven (15%) admitted they feel unsure about the future and don’t know what to do next.
Vitality is partnering with acclaimed life coach Jacqueline Hurst to host a virtual life coaching workshop on 15th October at 10am on Vitality’s Facebook page, where Jacqueline will provide advice and tools on how to build confidence and resilience in times of change, so that people can face the future weeks and months ahead with a sense of clarity and direction.
Deepak Jobanputra, Managing Director, VitalityLife said: “The coronavirus pandemic has changed the way we live our lives and what we consider to be important, and while it has prompted many people to make changes in their lives, many don’t know where to start and feel uncertain about the future.
“At Vitality we have always sought to go beyond simply providing a product, but looking holistically at the health and wellbeing of our members. Today’s research shows that in addition to people seeking protection, they are also looking for support and help at this difficult time and I hope the workshop, will help many people make decisions to help safeguard their futures.”
“We want to help more people feel confident about the future, and we believe that protection products not only provide a financial safety net against unexpected financial shocks but also provide peace of mind that what matters most to them is protected against uncertainty or unexpected events in the future."
Notes to editors
Research carried out September 2020, Markettiers on behalf of Vitality with 2,000 consumers.