Oh dear. According to recent research, about a third of British people lie on their life insurance applications, despite the fact that lying can render the cover invalid. So much for never telling ‘porky pies’!
Thankfully, however, the study by Zurich showed that those people would ‘consider’ lying on applications in the future, not people who had actually lied on their forms. As many people again felt that it would be OK to withhold information relating to their application – whether or not they smoke, how much they drink etc.
Apparently, when it comes to life cover in Britain, women are the biggest fibbers, with questions about weight, alcohol consumption, family history and medical health most likely to make them ‘embellish the truth’. 44% of people overall claimed that keeping the cost down was more important than the knowledge of being covered, which nearly three-quarters said it was acceptable to tell lies on their applications.
Phil Brown, head of protection and underwriting at Zurich, said:
“Failing to disclose all information at the application stage could have disastrous consequences in the long-term when a future claim is rendered invalid.”
Shockingly, the report also disclosed some rather worrying information about public perceptions of life insurance providers. 77% believe that insurers actively try to avoid paying out, while a mere 19% said they felt that insurers genuinely care about their customers.
At Protected we care a great deal about our customers. Our mission is to ensure that people across the country are aware of the benefits that life insurance provides – the peace of mind that financial protection provides will allow you to get on with life, free from the worry of who will cover your mortgage, living expenses and other outgoings should the worst happen.
In addition to this, we believe that fantastic customer service is the way to achieve this. We have a passion for service here at Protected and will do everything we can to ensure the continued satisfaction of our customers who rely on us to provide them with the help they need. Unfortunately, the only way we can do this is if our customers tell the truth!
Lastly, for those people who believe that keeping costs down is the most important thing about life insurance, remember that our Lowest Price Guarantee ensures that we have the lowest prices of anyone in the UK, cheaper even than going to the insurers themselves.