Finally, you went ahead and decided to buy life insurance as COVID-19 changed your mental and emotional thought process completely. You decided it was better to be safe than sorry so a life insurance policy had to be taken out. Good for you and good for your loved ones.
The Pandemic called COVID-19 has elevated stress levels worldwide and almost become a trailer of hell on Earth. People have been running from pillar to post in every country to get the best health solutions and that most-wanted COVID-19 vaccine.
Interestingly, what has emerged in recent research in the United Kingdom is that COVID-19 has encouraged 5.8 million UK adults to buy, or at least seriously consider getting life insurance coverage. If nothing else, the pandemic forced so many Brits also to buy life insurance cover and secure their loved ones financially.
Many Signed Up to Buy Life Insurance
Even though more citizens of the UK have decided to buy life insurance in recent times, yet there remains a cause for concern. A significant proportion of the population still does not have any life insurance policy.
In simpler words, about 37 per cent of the adult population of the UK has bought life insurance or given a thought to having life insurance. In return, this has left about 32.9 million UK adults without any active life insurance policy for themselves or their loved ones.
Just imagine. The United Kingdom still has 63 per cent of the population that continues to live a life that is stressful financially. They have no financial cover for themself or their family members, in case of their demise.
The Life Insurance Cover Challenge
When will these millions of Brits buy life insurance? The big challenge is how to counter widespread myths about life insurance cover. These myths have hurt the adoption and acceptance of buying life insurance as a safety option.
What are these myths about life insurance?
Here is a list of myths that many Brits seem to believe in without a doubt.
1-If I am a stay-at-home parent, then I don’t need life insurance.
2-If I apply for life insurance, then the insurer will definitely run a credit-check on me.
3-If I have a life insurance policy, then I need to have annual health checkups.
4-My employer has already got me a life insurance policy, so I don’t need any more policies.
5-I smoke so I cannot get life insurance.
6-I exercise regularly and also maintain a healthy diet. Why do I need life insurance?
7-I just don’t believe that insurers pay out their life insurance policies. If they do, it’s rare.
These are just some of the myths that many adults, both men and women believe in about life insurance. As a result, they don’t buy life insurance, or they are forced to buy insurance only when a calamity strikes.
Take the wiser path and do consider life insurance seriously.
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