Protection low on the agenda for home buyers
Indeed, when asked to rate their top priority, double that figure (20%) picked furnishing their home.
Respondents were also asked to rank their top three priorities. The highest placed was home insurance (81%), followed by home furnishings (78%) and redecorating (76%), while comparatively just a third (33%) placed life protection in the top three.
Over half (53%) of respondents admitted they would worry about their loved ones financially if they became critically ill, yet just 39% of that same demographic hold a protection policy.
Ian Ramsden, TSB’s mortgage and protection director, said: “At TSB we understand the devastating effects experiencing a critical illness can have, so we think it is vital that people have the right cover in place to provide comfort and reassurance for their family in difficult times.
“We want to make sure everyone thinks about their protection needs when they are buying a new home which is why we are proud to be offering protection services through our partner, Legal and General.
“The research shows consumers are not aware of the impacts of being protected. Although its promising to see people think having protection in place is twice as important as having extra TV channels, it’s worrying to think it is only half as important to them as furnishing their new home.”
Three-fifths of respondents (61%) admitted they currently do not have any kind of protection in place.
The house buying process prompted just three in ten (29%) consumers to buy life protection, with 32% of men and 26% of women making the purchase.
Of those who do not currently have life protection cover, 32% consider it too expensive, 31% do not think they need it yet, while 15% do not think life protection is important at all.
Taking out a life protection policy peaks when Brits hit the 35-44 age bracket, as 47% hold protection at that age.
Life protection costs the average 30 year old, non-smoking woman £136.74 a year, the equivalent of £2.63 a week.