Consumer attitudes to protection

16 August 2017



Royal London commissioned Opinium to run our State of the Protection Nation research to find out how people felt about their own protection needs and the industry as a whole.

Coffee on the stepsWe surveyed people who had already taken out some kind of protection insurance and those who didn’t have any. We also asked advisers how they felt about their own protection needs, and the challenges they face selling it.

Here’s an extract from the full State of the Protection Nation report.

It’s important that my family is looked after

Almost two in five (38%) of UK adults we surveyed feel it’s really important to ensure their family and dependants are looked after financially should they die. Interestingly, this figure doesn’t really change based on gender or age. However, there are two notable events which seem to influence this belief – having children and previous redundancy.

Perhaps unsurprisingly, a larger number of adults with children under the age of 18 want their dependants to be looked after financially when they die compared to those adults with none (47% compared to 35%).

The gap isn’t quite as wide when we look at redundancy, but it does have a small effect. 41% of those who have been made redundant in the past believe it to be really important that their dependants were looked after when they died, compared to 37% who had never been made redundant. This is conceivably a consequence of financial uncertainty in the past.

But I don’t need life insurance

Our headline statistic of two in five (38%) adults wanting their dependants to be looked after financially after their death seems low. However, an alarmingly similar number of adults (36%) claim they don’t have a need for life insurance either.

Age also plays its part. Almost half (49%) of those aged 55+ feel they personally don’t have a strong need for life cover, but the figure drops quite dramatically when we look at the younger age groups. Just over one quarter (26%) of 18-34 year olds and almost one third (29%) of 35-54 year olds feel they don’t personally have a strong need for life insurance. This could suggest that the remainder feel some strength of desire for the product, and that younger age groups are more open to the idea of buying life cover. It might also suggest that the 55+ age group doesn’t have a strong need for life cover as these people are perhaps less likely to have dependent children who rely on them for support .

Life cover is the most commonly owned protection cover of those we asked with just over one quarter (26%) owning some. People aged 18-34 are the least likely to have life cover with just 17% saying they held a life cover product. However, the figure increases to 29% and 30% for the 35-54 and 55+ age groups.

These figures are low, but perhaps echo the sentiment that people don’t believe they need life insurance. It might be interesting to note that the pattern is similar when we asked advisers about their own protection. Life insurance came out as the most popular with 88% of advisers owning a single or joint life cover policy.

State of the protection nation

You can download our full report to read more about the impact gender, age and lifestyle has on consumers’ thoughts about protection. 

Source: State of the Protection Nation March 2017, Royal London.  2,000 nationally representative adults (18+) surveyed.

About the author

Ross Jackson

Senior Protection Marketing Manager

Ross joined Royal London in May 2014 as Senior Protection Marketing Manager bringing with him extensive experience in financial services having started his career in the industry back in 1998. He has held various marketing roles during this time and has experience working across a number of markets including savings and investments, individual pensions, workplace pensions, platforms and most recently protection. He has a keen interest in behavioural economics and how this can be applied practically to change consumer behaviour in financial planning.

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The Royal London Mutual Insurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The firm is on the Financial Services Register, registration number 117672. It provides life assurance and pensions. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL.