Recent research has revealed that the COVID-19 coronavirus has dramatically changed the way people, and in particularly younger people, view life and health insurance. The pandemic has altered nearly every aspect of life as we know it, so it's no surprise that this has impacted upon how people view protection.

Two fifths of people have changed their opinion

The annual Global Consumer Study from ReMark has revealed that two fifths of people have changed their opinion on life and health insurance as a result of the coronavirus pandemic. The research was carried out with over 10,000 people across 18 countries, revealing a global shift in attitudes towards protection. The change was especially noted among Generation Z (those born between 1996 and 2015), with over half of this age group now taking insurance more seriously. 

This is a significant shift from traditional expectations: in general, interest in protection grows as people get older, gain more assets and become more aware of the risks life can pose to them. However, COVID-19 has given everyone, including younger people, an alarming crash course in risk and vulnerability. 

Crash course in risk and vulnerability

Seeing daily updates on new cases, unemployment and mortality is enough to make even the most confident person question their invincibility. The risks are evident both physical and financial. For those who make up Generation Z, the news is even more accessible and constant than for any other age group. Fears of redundancy, illness or worse are sadly becoming harder to dismiss. For many people, any thought or hope that an employer or a government scheme might be there to generously provide support in their time of need is misguided.

Changing priorities

This year has also caused everyone to re-evaluate their priorities and emphasises what they think is important. Protecting their home and family has become a higher priority for many. As a result, the cost of insurance may seem increasingly worth the peace of mind, and the tangible practical help, it can provide.

If you are rethinking protection: whether you’re interested in life insurance to support your family should the worst happen or mortgage payment protection insurance to help you keep your home if you can’t work, we can help you find the right policy for you.

If you’d like to discuss the options available to you, please contact your Dentons Mortgages Consultant.