You are here: Home - Insurance - News -

Millennials ahead of the game on life insurance

0
Written by:
14/03/2018
In another sign that millennials are far more responsible with their cash than many other generations, research shows that 25-34-year olds are the most likely to take out life insurance.

Comparethemarket said more than 40% of its life insurance customers over the fourth quarter were in this age bracket. It attributed this to the fact that many people are taking major life steps – buying a house, getting married or starting a family. Their attention naturally turns to life insurance.

At the same time, life insurance is relatively cheap for younger generations, so the commitment doesn’t seem as significant.

This survey paints a far more positive picture than previous surveys. For example, in September last year, LifeSearch’s Health, Wealth and Happiness report showed more than two-thirds of the UK adult population either hadn’t purchased any life insurance (57%) or didn’t know whether they have it or not (11%).

Daniel Hutson, head of life insurance at Comparethemarket, said: “Given premiums get progressively higher the older you get, it’s encouraging to see that the number of people under 35 with life insurance has slightly increased over the past year. However, over half (52%) of this market are still without cover, and given that those who take out life insurance at 36 pay, on average, over £175 a year more than those who do so at 24, 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, 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

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

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...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

  • According to @YourMoneyUK the #Govt is considering a Care ISA’ which would be exempt from #inheritancetax. Could th… https://t.co/hPVZZfdyDr
  • RT @unitetheunion: “We need tough action against unscrupulous debt collection agencies who prey on people’s misery to ramp up the debt thro…
  • RT @unitetheunion: “We need tough action against unscrupulous debt collection agencies who prey on people’s misery to ramp up the debt thro…
Read previous post:
isa changes
MP seeks answers from Financial Ombudsman following damning claims

The Treasury Committee chair has written to the chief executive of the Financial Ombudsman Service seeking answers, after an undercover...

Close