Customers taking out private health insurance are getting younger. The average age of those investing in Private Medical Insurance (PMI) has fallen to its lowest rate since last September, according to ActiveQuote.
Sales of health insurance policies via the protection insurance broker and comparison service have more than doubled since April, with the number of women looking to protect themselves also on the rise.
Rod Jones, Head of Partnerships at ActiveQuote, said: “There appears to be a common theme occurring of customers taking out health insurance as they are worried about the impact the Covid-19 is having on access to care and appointment times.”
“The biggest change in consumer behaviour is the average customer age is falling with a high proportion of females now taking out Health Insurance for the first time.”
“ActiveQuote has subsequently seen the sale of health insurance policies continue to increase month on month, with policy sales up 104% in September compared to April,” Rod added.
The average age of policyholder investing in health insurance through ActiveQuote dropped to an all-time low of 42.1 in August 2020, compared to an average of 45.6 in September 2019, with 44% of people contacting ActiveQuote since the beginning of the year to enquire about PMI generally under the age of 35.
The number of female customers also rose from 44% last September to just under half of all policyholders at 49.9% this August.
Rod said: “What we’ve been seeing since the beginning of 2020 and particularly since the outbreak of Covid-19, is a greater interest and commitment from the younger generation and females in making sure their healthcare needs are provided for come what may.
“This is good news for future markets but also consumers who are coming to see, and can increasingly expect as a result of its increased popularity, PMI to be an affordable option far more available than many often realise.”
ActiveQuote is the UK’s leading comparison website and broker of health and protection insurance products, including private medical insurance, income protection, life insurance, and critical illness cover.