Which is better? Broadband or Life Insurance? There's only one way to find out...
Now, we know how important broadband is to you guys- after all, how else would you get your daily helpings of Bitter Consumer Championing , but is it really worth more to you than life itself?
Insurance company Scottish Widows commissioned YouGov to poll over 5,000 consumers and discovered just 15 per cent are prepared to cut back on broadband, whereas, 20 per cent would mull over axing their life insurance if times were tough.
Similarly, the survey found 69 per cent of people believe broadband is essential to their day-to-day life, while only 35 per cent said the same about their ongoing financial security if they were unable to work. This study echoes the results of a poll conducted last year by Sky News, which illustrated that broadband access is a major priority for many Brits, revealing more people are prepared to make savings on their food shopping than give up their internet connection should money become particularly tight.
Scottish Widows claim the survey highlights a "worrying trend" for Brits to view luxury goods and services as a necessity. Or perhaps we Brits just trust the internet more than insurance companies.
For example, Clive Allison, market director for protection at Scottish Widows, said that "many people don’t really know how much it would cost them to take out these products and don’t realise how quickly they’d fall into financial hardship if they were unable to work due to illness. Costs are perceived as high but customers don’t really know what the cost would be for them – in reality the cost can be equivalent to a monthly Sky TV package, or a couple of Starbucks coffees a week."
Now, the highest monthly Sky TV (not HD) package costs £48 and buying two coffees at £2.85 a week comes out at £24.70 per month. Funnily enough, Scottish Widow’s website does not let you do online quotations, and while you can certainly get life insurance for that amount (yes, I am one of those show-offs with both broadband and life insurance), I would love to see a critical illness policy for less than £25 a month.
And they wonder why we don’t trust insurance companies...