A local insurance business has witnessed a 20% increase uptake in life insurance applications as a result of the coronavirus pandemic.
Vantage Health and Life, a Belfast based insurance company has experienced a sudden increase in businesses and individuals taking out policies as a result of Covid-19. The business has put the marked increase down to the impact a death or illness of a director, employee or family member could have on their business.
The company has increased its headcount with seven new members of staff appointed and is continuing with this growth to deal with the rise in enquiries. This includes Duncan Campbell who has been appointed as Sales Director to focus on helping grow and develop the team of advisors. Mr Campbell comes from a banking background specialising in mortgages and protection, managing teams within the branches coupled with a wealth of knowledge on specialist lending.
Vantage Health and Life has attributed the pandemic to people turning to thinking about how to increase the financial security of their families, now and in the future. As a result, life insurance has moved to the top of many to-do lists.
Stuart Cranston, Principal at Vantage Health and Life said, ‘The pandemic has been a wake-up call for a lot of people to examine their finances. It’s unfortunate it takes an event like coronavirus to remind us that we’re just one unforeseen event away from needing an insurance policy.
‘Covid has highlighted how important planning for the unexpected really is. Although more people might be more focused on buying life insurance as a result of this situation, we expect that the importance of building in a cushion, whether that is an emergency fund or insurance, will resonate with consumers well beyond what is hopefully a relatively short period of uncertainty.
‘Navigating the pandemic wave with the help of a trusted financial professional can ensure your needs will be covered. People get ill unexpectedly. They have accidents. Things happen and it’s important we are protected’, said Stuart.
The UK’s largest life insurance broker Reassured Ltd have also reported a sizeable increase in demand for life insurance post Covid, especially for policies requiring no medical exam.