Confused.com reveals men pay more for life insurance
Confused.com has revealed that men are paying more for their life insurance than women, which falls in line with their additional research into menís poor shopping skills.
Confused.com has revealed that men across the UK are paying far more for their life insurance than women. Currently, men are paying an average of 26% more per policy, per year. To make matters worse, Confused.com reveals that a shocking 1 in 4 men never shop around for anything better.
Matthew Lloyd, Head of Life insurance at Confused.com, said: ďMen complain that women take too long shopping, but men need to learn from women if they want to get the best deals - on life insurance, but also day to day items too.Ē
According to evolutionary psychology, men and womenís shopping behaviours are adapted from the traditional roles of men being hunters and women being gatherers. Men, the hunters, locate their item as quickly as possible, whereas women, the gatherers, spend time analysing the different items in order to get the best deal.
Men fail to get the best bargains especially at Christmas, with 39% of women shopping for presents from January onwards, compared to nearly 1 in 5 (19%) of men who leave it until the week before, inevitably overspending.
When clothes shopping, half of UK men (50%) take less than an hour to buy an outfit, whereas the majority of women (89%) actually take up to 5 hours. An overwhelming 78% of hunter men admit to buying clothes without trying them on first, compared to only 25% of women.
As a quarter of men (24%) default to their favourite shop, 48% of women shop around, before making their final (and best) purchase online or in a sale. This is because the single-minded hunter men donít like going from shop to shop - 42% buy their groceries in one store, compared to nearly half (49%) of gatherer women who go to several shops, seeking out the best deal.
When it comes to shopping in the sales, menís aversion to shopping means that they are already lagging behind womenís eye for a bargain, with 23% of men preferring to shop in the sales compared to 31% of women.
Whereas nearly 1 in 3 men donít shop around for life insurance, there is one thing that they do shop around for: a car. Over 54% of men think that a car is the most important purchase to bargain hunt for, whereas the majority (32%) of women believe that itís a holiday that matters most. This is because hunter men prefer bigger ícatchesí. Hundreds of years ago this would have been an antelope for dinner, these days itís a car.
Matthew Lloyd, Head of Life Insurance at Confused.com continued: ďMen are happy to spend the time shopping around for lifestyle purchases they perceive as important, such as a car or television, but comparing life insurance quotes doesnít seem worth the effort for many. However, they could be saving money by doing so.Ē
Confused.com was the UKís first price comparison site for car insurance. Confused.com is one of the UKís biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include specialised insurances such as learner driver car insurance, holiday home insurance and over 60 life insurance.
Confused.com has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.comís service is based on the most up-to-date information provided by UK suppliers and industry regulators.
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