Do You Value Your Smartphone Or Family The Most?

Do You Value Your Smartphone Or Family The Most?

25th January 2017

Do you insure your smartphone? You're not alone. Recently OnePoll conducted a survey for us and targeted 2,000 people across the UK between the ages of 18 and 55. Many people have insurance protecting personal possessions but we discovered that nearly 60% of Brits don't have any form of life insurance. This revelation prompted us to explore the reasons why some people are more concerned with insuring possessions than they are themselves.

Why do people insure their mobile phones?

We're addicted to our smartphones. One in 10 people reach for their smartphones as soon as they wake up, while a third check their devices within five minutes of getting up. We're also reaching peak smartphone ownership, with four out of five adults now possessing one. Many of us feel like we wouldn't be able to cope without our devices close to hand. If something happens, insurance means we can get a replacement phone so we can carry on with the minimum disruption.

Another reason people insure their mobile phones is that the top desirable handsets from manufacturers such as Apple and Samsung can cost hundreds of pounds. According to the police, this makes mobile phones the most likely gadget to get stolen - covering the costs of a potential theft with insurance makes perfect financial sense.

Why don't people take out life insurance?

Most of us would agree that life insurance is something worth getting but don't invest in for several common reasons, such as:

Cost

Many people don't invest in life insurance because they think it's too expensive, but we found that life insurance premiums are usually a lot less expensive than monthly luxuries such as Netflix or a daily Starbucks.

For instance, £100,000 worth of life insurance for a 20-year term, for a 35-year-old non-smoker could be available from just £6.00 per month, which is just 20p per day.

Other demands on attention and finances

Life insurance protects dependants who wouldn't be able to cope without your income. That's why many people start thinking about buying life insurance after getting married, buying a house or having children. Unfortunately, these are three life events that could cause a big drain on our personal finances.

Life insurance isn't always as expensive as you might think and can provide financial protection when most needed.

Complexity

Level term life insurance, mortgage protection life insurance and critical illness cover - some of the different types of life insurance available - can be confusing. For a straightforward overview of life insurance, begin with our product guides.

Life insurance: an investment worth making?

A life insurance policy will help protect your family financially if you died unexpectedly. If you have dependants, life insurance is there to provide peace of mind. If you make sure you have sufficient insurance to protect your family in the event of your death, it might not be as costly as you think.

At Compare Cover, we're dedicated to helping people protect their world for less. As a specialist online comparison service, we will help you research and find the most appropriate life insurance for your needs.

Using our price comparison service is free, fast and easy. To instantly view and compare all your quotes in one simple search, click here now.

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