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 it…..
The independent poll showed that the least popular types of insurance 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%
Household appliance insurance: 5%
Jewellery insurance: 4%
Endsleigh Insurance has compared the benefits of mobile phone and life insurance, asking the question: “A new phone and laptop versus £400,000 and financial security?”
According to Endsleigh Insurance (http://www.Endsleigh.co.uk/gadget) to insure an iPhone4, an Apple Macbook, an iPad and a Sony Playstation 2 would cost £19.32 per month.
If a 30 year old male with a wife and 2 children were to spend the same £20 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 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.
About Endsleigh Insurance
Endsleigh is an independent intermediary specialising in the provision of insurance and financial products for career people.
Endsleigh also offers business insurance through Endsleigh’s Business team and financial advice through Endsleigh Financial Advice team.
Endsleigh tenant referencing service is powered by Experian, Zurich and the Endsleigh Group to provide a comprehensive range of products and services to the letting agent market. There are 10 dedicated account managers covering the whole of the UK in order to provide comprehensive support to letting agent partners.
Endsleigh’s proposition includes Tenant Referencing and Rent Guarantee, as well as offering competitive lettings and landlords insurance cover to tenants and landlords. The tenant referencing service is provided by market leaders Experian and is provided online to ensure speed and efficiency, enabling 88% of our references to be back within 48 hours.
Sometimes the periods of non rental are out of a landlord’s control. At Endsleigh we appreciate that this can be worrying which is why we have a product which offers buildings and contents cover with an extended unoccupancy clause.
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