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Time to Rethink Life Insurance

More and more people discovered the benefits of life insurance in the last year and while the trend of people securing coverage en masse might not be here to stay, insurance companies want to make sure that’s not the case.

This does not constitute advice and advice should be sought in all instances before acting on it.

Having life insurance means you don’t need to wonder what will happen to your loved ones after you die – you know they’ll be provided for. It means your family will be able to support themselves and that they won’t fall behind on the mortgage payments or any other bills after you’ve passed.

Rethinking life insurance

According to a report, over half of people in the UK eligible for life insurance currently don’t have any coverage, leaving a huge portion of the population uncovered.

Most people without insurance cite a variety of reasons for not getting cover – from incorrect assumptions about life cover to perceived lack of affordability. However, 2020 and the coronavirus outbreak changed the insurance game.

It’s often when an industry is facing major disruption that innovation and change takes place. COVID-19 was a massive disruptor, even while there were whispers of disruption before it hit when new tech-savvy companies burst onto the scene. Because they are better equipped to handle all the new changes necessitated by the pandemic, the major insurers have to adapt –  and fast.

Changing of the guard?

One fifth of consumers surveyed have considered buying life insurance but don’t currently have any.

A further 13% used to have life insurance coverage but no longer have it. If you don’t currently have coverage, it’s important to ask yourself why.

If your perceptions about insurance companies are part of the problem, there are a slew of start-up insurers primed and ready to enter the market with unique solutions to your concerns and problems. Established insurers are still appealing to many traditionalists, but the great news is that they are also changing to meet the needs of their customers and win over new ones in the process.

Choosing established or start-up insurers

It’s easy to see why an established company is still the preference of many seeking life insurance coverage. Most insurers have a proven track record of helping their customers and years of experience and a pool of customers who can provide testimonials about how their insurers helped them during a difficult time in their lives.

This might be important to some people, but younger consumers have shown they are leaving their options open. The younger generation is more likely to trust a start-up or an online-based business. What they’re looking for in an insurer is less about being established within the industry and more to do with how they can be of service to them.

Help finding coverage

If there’s anything that this last year taught us, it’s that there are no guarantees in life. Life cover is vital for everyone with a family to support, but it’s crucial that doctors, medics, nurses, and other medical professionals act now.

If you’re a medical professional that is still regularly around patients with COVID-19 and you don’t already have life cover, or if you’ve been meaning to upgrade for better coverage, getting in touch with a financial adviser to ensure you’re adequately covered has never been more important.

Unsure how to protect your wealth for your loved ones?
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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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