With mobile phones and gadgets continuing to dominate our lives, it is hardly surprising that new figures suggest we take greater care of them than we do our own lives. According to a recent study, more than one quarter of Brits would invest in an insurance policy for their mobile phone, whilst just 17% said they would invest in life insurance.
Recent statistics concerning mobile phones and Brits’ spending habits have already shown that life insurance policies are not necessarily being given the recognition they deserve. As a way to protect your family and friends from financial difficulties in the event of your death, life insurance is a vital product.
Despite this, over half of Brits fail to have life insurance cover, equating to an estimated 28 million people. Will Brunwin, the IFA manager at Endsleigh (who carried out the research) claimed that the situation regarding the public’s attitude to this product was “worrying”, stating that “people are failing to see the importance of life insurance”.
Mobile phone insurance is not the only thing to take precedence over life insurance either, according to other reports, with even our daily caffeine intake being considered more important.
According to a report on UK Insurance Index, 7% of Brits spend more money on coffee than they do on life insurance policies – combating popular misconceptions that the cover is too expensive.
With insurance being reasonably priced in comparison with these other expenditures, the fact that so many people are more concerned about their mobiles seems shocking, begging the question over where the British public’s priorities now lie?
Mobile phones, such as iPhones, topped the list of most likely victims of theft this Christmas and proved why so many people worry about protecting these precious gadgets.
Olly Tagg, the founder of Smartfonestore.com, summed up public opinion towards these gadgets perfectly when speaking earlier this month.
“There is no doubt that as a nation, we are well and truly addicted to our Smartphones – the devices have become an integral part of our lives and many of us would feel lost without them.”
Smartphones are considered such an essential item in today’s society that over half of their users (55%) have the handset insured. This helps to protect the delicate gadgets, offering users financial securities in the event that it is lost, damaged or stolen.
Why life insurance is more important
As stated, life insurance isn’t a necessarily expensive product with cover starting from as little as 17p per day, in some cases. Not only that, but a number of home contents insurance policies will cover mobile phones and other gadgets – meaning that individuals could be paying for the same cover twice if they invest in an insurance product from their mobile provider.
This means that those interviewed in the study who revealed they would be more likely to invest an extra £20 a month on mobile phone insurance than on life insurance could already be paying for the cover through their contents insurance.
Alongside the fact that mobile phones are notably easier to replace than individuals, it is clear that life insurance is a product which all individuals should invest in.
Of course, this doesn’t mean that people should leave their personal possessions (such as mobile phones) in a state of vulnerability, but should make sure that they have sufficient insurance policies to cover all aspects of their lives, with life insurance forming one of the main priorities.