Even though the pandemic and the ongoing cost-of-living crisis have had a financial impact on many of us, the life insurance market is continuing to remain resilient. This is because consumers are changing the way they think about long-term financial protection.

In the past, people may have thought of insurance as a luxury or something they rarely thought about.

Now, however, there has been a huge shift in public perception.

More Brits than ever before are viewing life insurance and critical illness plans as essential to their family outgoings. That’s because they are seeing how these insurance plans are paying out, and how they are making a huge difference to those needing to make a claim.

Although there have been fears that people would cancel their policies to save money on their monthly premiums, we’re seeing the opposite. People are turning to long-time financial protection to make sure that their loved ones will be taken care of, no matter what life throws at them.

Data and analysis from some of the UK’s biggest life insurance companies.

The Individual and Business Protection Report 2022, published by Health and Protection which is based on data and analysis from some of the UK’s biggest life insurance companies, backs up what we think.

The report reveals that in 2021 (the latest available data)

• More than 1.3 million new term life insurance policies were sold.
• A little more than 470,000 new policies for critical illness were sold.
• There were 691,092 income protection policies in force, which is 4.3% more than at the end of 2020.
• Insurers paid out almost £3.3 billion in claims for life, critical illness, and income protection. This is more than £250 million more than in 2020.
• On average, only two out of every hundred life insurance claims were turned down.

From this data, we can see that the pandemic has played a huge part in changing how people think about personal insurance plans. Now that we’ve all experienced a life-changing event, we can see how quickly our finances can be affected, should something unexpected happen.

Falling ill, suffering an accident or being unable to work can happen to anyone – and even if you have savings, no one wants to use them on everyday living costs.

These insurances are no longer seen as something that can be dropped to save money. Instead, they are seen as necessary expenses that will keep people safe for a long time.

We take the time to find out why you are looking for life insurance.

When we talk to you on the phone, or through a live chat, we get to know your stories. We find out why you want to take out protection and what made you decide to get a life insurance policy.

We’re hearing tales from people who’ve seen first-hand the financial impact that a critical illness, or an injury can have on their family finances.

People have told us that they may have lost loved ones in the pandemic, and the only reason they were able to stay financially stable was because they had life insurance.

Understanding the importance of life insurance.

More and more people are learning that these insurance plans are paying out. They are offering genuine value for money, and insurance companies are helping people manage their budgets in these hard times by giving them flexible support.

As experienced life insurance brokers, this makes us happy.

We want nothing more than for all of our customers to have full financial protection, so that your loved ones are always taken care of, no matter what. That’s why we spend a lot of time trying to figure out why you want to buy insurance.

For us, our insurance policies are not just paperwork.

We never forget that behind every policy is a family.

And behind every claim, whether it’s for life insurance, critical illness or income protection, is a family that has been hit by a worst-case scenario.

We welcome this change in how people think.

We’re doing everything we can to let people know how valuable these insurance policies can be and how insurers are going above and beyond simple cash payouts to give customers more for their money.

For example, did you know that many insurance companies now give their customers access to virtual doctors and assistance programmes that offer mental health support or counselling, as well as access to resources like physiotherapy or recovery services?

In the Individual and Business Protection Report 2022, one insurance company said:

“Protection insurance continues to offer a financial safety net – but the market has evolved. Increasingly, it’s the sometimes life-saving health and wellbeing services that come with protection insurance that are more valuable to customers than the money they receive as an insurance payout.”

We hope that this shift in public opinion will continue to grow over the next year.

The Insurance Surgery can work with you to find the ideal plan.

We’ll be working closely with insurance companies to get the word out about how valuable these policies are, from the financial security and peace of mind they provide to the extra benefits that help people improve their overall health and wellbeing.

If you’re looking for a life insurance plan, critical illness policy or income protection, please speak to one of our team.

We promise to find you the most suitable policy for your needs. We’ll help you figure out how much cover you need, and we’ll find ways to make sure that you feel you’re getting value for money.

With our price promise, we can guarantee that you won’t find a cheaper life insurance deal anywhere else.

All you need to do to get started is book a call with one of our advisors or start a live chat.

In just a short phone call, we can sort out your family’s long-term financial security.

Talk to us about life insurance – 0800 083 2829 or start a live chat.