News Updates

Pandemic Re-ignites Life Insurance Sector

Pandemic Re-ignites Life Insurance Sector

As the year 2020 started, almost all life insurance brokers and insurers were preparing for another year of reduced customer levels. Although the products available for customers have being getting better and better with each policy year. Whilst still scratching their collective heads and trying to understand the lack of interest from the general public.

Sales Fall By 26% In Last Five Years

Fast forward to March, April, May, June and all Life Insurers and brokers are finding a renewed interest in Life Insurance Sector from the general public due to the pandemic. Prior to the new surge in interest, the Life Insurance Sector had been suffering a lack interest and lack of need from the public.

With new policies dwindling from 478,745 sold in 2015/16 to 353,194 sold in 2019/20. (FCA)

A Renewed Perspective

With the global struggle against the pandemic ongoing, it would appear that the general public have become more aware of the shortfalls of the past. The pandemic re-ignites Life Insurance sector and other protection policies. At Life Insurance Cover, we are seeing increasing numbers of younger customers coming to us for protection. Also many of our current customer looking to review and ensure adequate life insurance cover.

Although the pandemic has sharpened the minds of many people to not knowing what the future may hold. It has been a very important time for the Life Insurance Sector. To make sure that they protect customers in the right way. Many new customers/visitors to Life Insurance Cover for the first time are asking specifically about the coverage of policies against Covid19.

In the early stages of the pandemic some insurers had placed a hold on new applications. However, all of the providers to Life Insurance Cover are now active, with a renewed purpose to protect customers. This allows customers to protect themselves and loved ones, whilst offering peace of mind. During the application process customers will be asked about Covid19 and if it impacted them personally.

Can I Get Life Insurance?

Initial concerns from new customers who are frontline workers, such as NHS staff, have now been addressed in two different ways. Including specialist schemes from insurers and the government’s life policies.

People with underlying health issues. Such as diabetes, are seen as a high risk-factor for Covid-19 are finding cost effective protection at Life Insurance Cover. Although taking out life insurance may not have been a top ten discussion prior to the pandemic. It has now become a primary concern for many young people and there are distinct advantages of getting protection in place in your 20’s and 30’s. Locking in cost effective rates now means you avoid having to pay much steeper premium’s later in life, when you may have more costs to meet.

Helping Visitors & Customers

At Life Insurance Cover, our specialist team of advisors will always try to get the best policy for new customers. We will also keep our visitors/customers up to date on any new changes to the life insurance sector. Currently due to the pandemic, we are also noticing that the costs of protection has dropped dramatically in line with the cost of living.

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