11% or 5.8 million UK adults have thought about or taken out life insurance policies since the onset of the pandemic, according to new research from Canada Life.
Leading this trend are 18-34 year olds, with 19% considering or taking out life insurance policies. This comes at a time when 69% of UK adults have paid closer attention to their finances since March last year.
Canada Life said that despite the pandemic triggering more people to think about their own mortality, there are still 32.9 million (63%) people who have never thought about or do not have an active life insurance policy in place. This means that should they die or fall seriously ill, their family and loved ones will receive no financial support.
The research also reveals that the pandemic has prompted more men to take action than women. Since March last year, 14% of men have thought about or taken out life insurance policies, compared to just 8% of women.
Dan Crook, protection sales director at Canada Life, said: “Talking about death is never an easy conversation, but it’s encouraging that the pandemic has prompted people to think about their own mortality and any unexpected negative financial impacts their family might experience.
“It is concerning however, that there is still a significant proportion of the population without a life insurance policy in place. As an industry we must do all we can to highlight the importance of protection and the peace of mind it provides, both financially and emotionally, before it’s too late.”