Do Brits love their mobiles and gadgets more than their families?
In a new poll, office workers were asked whether they would be more likely to insure themselves, or their mobiles and iPads if they had an extra £20 in their salary. As many 28% of those surveyed would insure their mobile phone or laptop, compared to just 17% who would invest in life insurance.
When questioned further, respondents said that they couldn’t live without their smart phones and other gadgets such as iPads and laptops citing such reasons as:-
“I love my iPad, it’s the best thing ever…”
“My laptop holds all my personal information and photos, I’d be lost without it….”
“I couldn’t manage without my phone – I use it for everything, music, Facebook, and Twitter…..”
“If I ever forget to take my phone I feel lost without…..
The independent poll showed that the types of insurance that we were least likely to spend extra cash on were policies to cover jewellery (4%), travel (4%) and household appliances (5%). Interestingly people were twice as likely to take out insurance to cover the cost specifically for servicing their gas boiler, rather than cover the cost of repairing their fridge, freezer or cooker.
Will Brunwin, IFA Manager at Endsleigh, commented: “it’s worrying that many people are failing to see the importance of life insurance. It’s our responsibility to ensure that people understand that in the event of their death without this their dependents could be left with insufficient income to pay for not just phones, laptops and other gadgets, but significantly more important costs such as food, mortgage payments and utilities bills”
Full Survey results*:
What type of insurance would you spend an extra £20 in your pay packet on?
Mobile / gadget insurance: 28%
Life insurance: 17%
Income insurance: 15%
Pet insurance: 11%
Service insurance: 10%
Home insurance: 6%
Household appliance insurance: 5%
Holiday insurance: 4%
Jewellery insurance: 4%
Endsleigh Insurance has compared the benefits of mobile phone and life insurance (endsleigh.co.uk/Pages/life-insurance.aspx), highlighting just how much cover £20 can get you.
According to Endsleigh Insurance to insure an iPhone4, an Apple Macbook, an iPad and a Sony Playstation 3 would cost £19.32 per month.
If a 30 year old male with a wife and 2 children were to spend the same £20 a month on life insurance, in the event of his death his family could receive a lump sum of £437,923 (Bright Grey level term insurance over 25 years, male age 30 non-smoker. The quote is prior to any underwriting from the insurer. Quote correct 01.12.2012**).
*The independent survey was carried out by Endsleigh insurance on a sample of 381 office workers, male and female, between the ages of 18-60 years old.
** The quote used was given for illustrative purposes only and does not constitute as advice. The need for life insurance will vary amongst individuals.