Broadband beats insurance on shoppers’ priority list.

When it comes to shopping, which items would you say come top of your list? Food? A nice home? What about technology items, such as broadband or your mobile phone? Or what about peace of mind?

In an ideal world, protection products would top the list – the ability to safeguard your family’s future, and ensure their quality of life should the worst happen.

Recent figures show that actually, only 39% of Britons think that protection products are essential.

This is a shocking statistic, considering that 80% of respondents in the same YouGov survey had deemed their Internet connection absolutely essential.

Fortunately, attitude shifted when respondents were confirmed parents. Out of those with children under-16, 85% considered life insurance absolutely essential – just higher than broadband.

In an age where ‘tech-addict’ is a common personality trait, mobile phones were essential for 71% of participants. Unfortunately only 28% thought that financial security for dependents (if they became critically ill) was essential.

In terms of protection products and their popularity, life insurance was the most commonly held type of insurance, with 33% having a policy. This was in comparison to the 8% of respondents that held critical illness cover (CIC) and 4% that had income protection.

It was those with mortgages who were most likely to have these types of product – among those aged 45-54 years old 42% had a mortgage and 43% had life insurance.

The 35-44 aged group was most likely to have CIC and income protection.

Esther Dijkstra, head of protection at Scottish Widows, said: "The Mortgage Market Review has changed the way lenders look at our lifestyle and expenditure.

"This greater scrutiny, along with more people taking mortgages and potentially longer repayment terms means that we should be reassessing our financial priorities.

"Yet more people pay attention to making sure their possessions are insured than their own lives.

"Although short-term priorities tend to dominate when it comes to the way we assess our needs and spending, it is more important now than ever to have an appropriate plan in place at the right time to protect our homes and families."

Leanne Muirhead, a mother of three, said: “The most important thing to me is that my family will always be safe and happy. Buying life cover means that I don’t have to worry about where money will come from if the worst happens to me.”

Industry experts stress that consumers need to be made more aware of the benefits that come from purchasing adequate protection. Being able to provide for one’s family, regardless of any unfortunate circumstances, is worth more than any fast download speed.

In our modern, busy lives, many of us rely on making to-do lists. Those who plan for tomorrow, rather than living just for today, are most likely to have prepared for every eventuality. By arranging the appropriate insurance, they’re showing great care and consideration for their families’ future.

Experts say that those who purchase life insurance are generally more financially prepared to deal with what life throws at them.

“There’s also the element of having done the right thing” says Mark Pfaff from New York Life.

He adds: “Buying life insurance is about more than checking off a box indicating you’re insured. Instead, there is a sense you’ve taken care of a key element of protection for your family, and that brings comfort and confidence, knowing an important base is covered.