You are here: Home - Insurance - News -

Increasing number of under 35s take out life insurance

0
Written by: Paloma Kubiak
31/10/2017
The number of people under 35 taking out life insurance has increased slightly over the past year, according to a price comparison site.

Comparethemarket.com figures reveal the number of people aged 35 and under taking out life insurance has increased from 47% to 49%.

While a small increase, it said this is encouraging given that premiums get progressively higher the older people get. Someone taking out life insurance at the age of 36 can expect to pay on average over £175 a year more than those who take out cover at the age of 24.

It found that 16 – 24 year-olds pay an average of £10.94 a month, 25 – 34 year-olds pay £16.78, 35 – 44 year-olds pay £25.68, the 45 – 54 age group pay £32.67, while for 55 – 64 year-olds it’s £34.47. Those aged 65+  pay the most at £64.13.

‘Mature independents’ are more inclined to buy life insurance (44.62%) compared to retired people (1.52%) and over half of the under 36 market (52%) are still

People living in greater London pay the highest average premium of £37.48 a month, however, comparethemarket said just 5.73% of sales are from these residents.

At the other end of the scale, policies taken out in the West Midlands are the cheapest at an average £16.17 a month. The location with the highest proportion of people buying cover through the comparison site is the North West – 13.92%.

A larger proportion (24.86%) buy life insurance with a cover term of 21-25 years while just 4.74% buy cover spanning 41-50 years.

O9n cover amount, a greater proportion (23.04%) have a cover amount of £100,000 to £149,999 compared to just 4.62% protecting themselves for £10,000 to £19,999.

Dan Hutson, head of life insurance at comparethemarket, said: “It’s worth taking out a policy as early as possible to benefit from the savings that could be made. So even if you’re not yet on the housing ladder yet, it’s worth bearing in mind the bigger picture and getting ahead of the game, so that when you need to protect your finances, for your house or family, it is already in place and affordable.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
airbnb
Many Airbnb and eBay users unaware if tax due: check now

If you rented out your property through Airbnb or sold second-hand goods on sites such as eBay in the 2016/17...

Close