deVere Group, one of the world’s largest independent financial advisory organisations, has reported a 65% surge in enquiries for life and health insurance in April compared to the previous month.
This increase in demand comes as people begin to hope that the cost-of-living crisis might be easing.
Nigel Green, deVere Group CEO and founder, stated that during the cost-of-living crisis, many households cut life insurance premiums to reduce expenses.
However, with household real disposable incomes expected to rise again in the coming months and inflation anticipated to drop sharply, demand for life insurance and critical illness cover is growing.
Green emphasised the importance of life insurance and critical illness cover as part of a sound personal financial strategy, offering security and peace of mind for both policyholders and their loved ones.
He said: “Life insurance and critical illness cover can be affordable, and there are policies available to suit various budgets and needs. It’s a small price to pay for the security and protection it provides.”
He added: “Knowing that your loved ones will be taken care of financially in case of your untimely death or critical illness provides peace of mind and alleviates stress. It allows you to focus on recovery or the present without worrying about the future.”
Green concluded: “Life insurance and critical illness cover are one of the main pillars of a sound personal financial strategy.
“I would say insurance of this kind are things you shouldn’t never cut out of your strategy because, as we know from experience, anything can happen.”
