ActiveQuote, the comparison site that specialises in protection products, has reported that the number of Londoners quoting for life insurance dropped by 30% in 2018, compared with the same period in 2017 and 2016.
Based on data from the past three years, ActiveQuote has seen almost 30% fewer people in London shopping for life insurance cover. In contrast, enquiries have increased in the South East and South West of England during the same period. The company has also revealed that more women are looking for life cover, having seen a 10% year on year increase in enquiries from females.
Rod Jones, Head of Partnerships at Active Quote, said: “Compared with other regions, the drop in people looking for life insurance from London has been significant. And with recent reports showing that more Londoners are moving out of the capital due to “stretched affordability”** , the increase in enquiries that we are seeing across the South East and South West regions would support this.
“In terms of the increase in women buying life cover, the balance is still towards males but we are seeing the highest number of women enquiring in three years. We know that the gender gap in protection products is still an issue, but this is a really positive sign in readdressing that balance.
“Life insurance is a product that we traditionally see people buy when they buy a home – in fact, our own research shows that 40%* of people bought life insurance when they took out their mortgage*.
It is designed to take care of family or dependents in the event of someone’s death. If the worst should happen, then a partner or family will probably still need to pay the bills, rent or mortgage and cover household expenses such as food and clothes.