| Nearly 4 in 10 people only take out protection out of “general caution” | Others wait for big life events like a baby or mortgage before they review their protection | Risky work was a factor for more than one in 10 because their occupation is more dangerous than the average job |
Most people know about the benefits of having protection cover, but for many a trigger event is needed for them to take the leap and actually take out a policy. New data reveal some of the most frequent reasons people give that tipped them from “I should do that” to “I did it.”
Life insurance
Some 35% of the UK population have a life insurance policy, figures show1, with more than 50,000 new life insurance claims paid out in 2024. In total, the value of these payouts exceeded £4bn for individual term life insurance claims. Yet, for many, these figures alone are not enough to convince them to take the leap. What pushes most people to take out a new policy?
General caution
According to new research2, the most common reason for taking out cover was not a specific event but an accumulation of factors. Indeed, almost four in ten respondents cited “general caution” as their primary motivation.
Trigger events
Other people take out cover in response to specific events. For 30% of respondents, the major trigger factor was becoming a parent, while some 21% took out a policy because it was a requirement for their mortgage. A further 15% said they took out a policy to pay their mortgage in the event of their death since they are the only financial provider in their household.
Risky work was a factor for more than one in ten, with some 11% saying they took out a policy because their occupation is more dangerous than the average job. The same percentage did so because their lifestyle is more dangerous than average.
1ABI, 2025, 2Forbes, 2025
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for guidance only. Some rules may vary in different parts of the UK.
