Brits prefer contents insurance than critical illness insurance

The majority of Brits put more value on their home contents than their health and would rather apply for contents insurance than arrange critical illness insurance.

The findings are contained in a study by Scottish Provident which found that 71 percent of the British adults have home contents insurance coverage for their belongings, while a small portion of the population or mere 15 percent have critical illness insurance to provide coverage against serious illness.

The research highlights the importance the majority of British are placing on their properties, belongings and contents of their homes, rather than their personal health such as protection against critical illness. It found that most UK adults neglect critical insurance coverage which provides a lump sum payout in the event that a serious illness is diagnosed.

However, the study also said that at least half of the British population already have life insurance cover, but still most Brits are not protected enough. Only nine percent of those polled said they have income protection insurance, and a dismal five percent of the respondents have unemployment benefit.

This under protection means a good majority of Brits are very vulnerable to the current volatility during the global and local economic uncertainties.

Some 44 percent of the respondents admitted to the cost of critical illness insurance as the main reason they were put off for such protection, while at least 13 percent believe the protection is not necessary because they already have savings.

Susan Barclay, head of marketing at Scottish Provident, said that home contents insurance should not come at the expense of personal cover.

She said, “Despite the fact that almost a half of the respondents perceived personal insurance as too expensive, people need to be aware that life protection can be bought from as little as £10 per month, and extras such as critical illness cover can be added for around £17 extra a month.”

“While many people think that their savings will cover them, should they fall critically ill and are unable to work, the financial impact can run into thousands of pounds. It is vital that consumers take out suitable protection in order to provide for themselves or their loved ones if the worst happens,” Barclays added.

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