Recent research has revealed that coronavirus has dramatically changed the way people, particularly younger people, view life and health insurance. The pandemic has altered nearly every aspect of life as we know it, so it’s no surprise that it has had an impact on how people view protection.
The annual Global Consumer Study from ReMark has revealed that two fifths of people have changed their opinion on life and health insurance as a result of the coronavirus pandemic. The research was carried out with over 10,000 people across 18 countries, revealing a global shift.
The change was especially noted among Generation Z (those born between 1996 and 2015), with over half of this age group now taking insurance more seriously. This is a significant shift from traditional expectations: in general, interest in protection grows as people get older, gain more assets and become more aware of the risks life can pose to them. However, coronavirus has given everyone, including young people, an alarming crash course in risk and vulnerability.
Seeing daily updates on new cases, unemployment and mortality is enough to make even the most confident example of Superman Syndrome start to doubt their invincibility. It’s going to take more than a pair of glasses to disguise the risks this virus has brought with it, both physical and financial. And for the digital natives who make up Generation Z, the news is even more accessible and constant than for any other age group. Fears of redundancy, illness or worse are becoming harder to dismiss, not that we want to get too doom and gloom about it.
This year has also caused us all to re-evaluate what we think is important. For many, the importance of family and home has become more apparent than ever. Despite the times that staring at those four walls every day may have driven you up them, it’s true that home has become a haven in many ways. Protecting your home and family is becoming a higher priority for many. As a result, the cost of insurance may seem increasingly worth the peace of mind, and the practical help, it can provide.
If you are rethinking protection, then speak to an adviser like us today. Whether you’re interested in life insurance to support your family should the worst happen or mortgage payment protection insurance to help you keep your home if you can’t work, we can help you find the right policy for you.
If you’d like to discuss the options available to you, contact us via our website.
Founder, The Mortgage Mum