Pandemic is making people more aware of need for life insurance, Vitality research shows
Marriage, a new home, first born baby… pre-Covid, these were the major life events most likely to trigger conversations about protection. However, research from Vitality has shown that the Covid-19 crisis has also prompted people to consider their life insurance needs.
According to the survey of 2000 consumers, one in 10 (10%) said 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. It also found that three in five (59%) had realised that life is too short and that anything can happen to them or their families.
More than a third of people said that the pandemic has made them more aware of the need for life insurance, rising to more than half for those aged between 25 and 34.
The pandemic has also led people to reassess what is important in life, the research showed, with the top priorities for most people proving to be 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.
To help people focus on personal resilience and face the future, Vitality is partnering with life coach Jacqueline Hurst for a virtual life coaching workshop at 10am on Vitality's Facebook page on 15 October.
'Financial safety net'
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."
