Older people are more interested in switching mortgage insurance than younger people
According to a study by Assurly, older people are the most likely to want to switch their mortgage insurance.
Passed on February 28, 2022, and effective as of June 1 of this year, the Lemoine Act aims to make the loan insurance market more accessible. From now on, it is possible to cancel and switch loan insurance policies at any time, free of charge.
One year after the passage of this law, the new insurance company Assurly decided to analyze its impact by conducting a quantitative survey of 1,000 people.
The survey results show that 66% of respondents know they can cancel their insurance at any time to switch providers. However, only 11% of respondents are aware of the existence of the Lemoine Law and its provisions. Furthermore, fewer than half of respondents know that the law has eliminated the health questionnaire under certain conditions.
The results also reveal sociodemographic disparities in knowledge of the Lemoine Act. Stay-at-home mothers and fathers, as well as the youngest respondents (ages 30 to 39), have the least knowledge of the new law. Retailers, executives, and professionals in higher intellectual occupations are the most aware of the new provisions.
Finally, the survey highlights an inverse relationship between age and the desire to switch insurance providers, with older people being the most likely to want to switch.
Nearly half (48%) of respondents feel that their mortgage insurance is too expensive, and the majority of them (55%) are considering switching. The survey also highlights that the fact that many policyholders are unaware of the process for switching insurance deters them from choosing a new policy.
The main factor that would motivate policyholders to switch insurers is price, according to 87% of respondents. This factor ranks far ahead of “a more comprehensive plan” and “better customer service.” It also appears that the speed and ease of switching could encourage more people to take advantage of the benefits of the Lemoine Law.
