Life Insurance Search

A study published by Swiss Re has found that around 8 percent of UK adults do not take out decreasing term life insurance because they are sceptical about whether insurers would actually pay out on their policies.

Decreasing term life insurance is not the only form of policy consumers are sceptical about. It was also revealed that 7 percent did not take out any form of life insurance at all because of similar concerns over trust.

However, there is little way of checking whether this is actually the case, as although figures exist detailing the percentage of critical illness cover claims that are paid out, none exist detailing the number of successful claims made on decreasing term life insurance policies.

Despite this scepticism, one of the study’s authors is adamant that people have nothing to fear. He commented, "People do actually trust us. That's not as surprising as you might think - we pay out millions of pounds in claims every year and, more than that, health and protection insurance makes a real, positive, difference to people's lives."