A study of 1,000 over 50s by the financial mutual found that nearly half (48%) are paying more for insurance than they were 12 months ago.

The two most common types of insurance among over 50s are home or contents insurance (80%) and buildings insurance (62%). This is followed by life insurance (34%) and over-50s life insurance (31%).

But despite worries about the rising cost of insurance, nearly two-thirds (63%) of respondents with an over-50s life insurance plan say it has become more important because the cost-of-living crisis is putting families under greater financial pressure.

The majority (57%) of over 50s take out a plan to cover the cost of their funeral, while 46% do so to help provide for their family financially if they pass away.

An added worry for nearly half (46%) of respondents, is that the value of their plan will be less than they hope. But for many over 50s, putting away more money for their family in event of their death may not be an option. The majority are likely to be on fixed incomes, with only 27% of survey respondents in full-time employment.

Insurance inflation a real concern

Jill Mackay, head of marketing at Scottish Friendly, said: “Insurance inflation is a real concern for many over 50s and is adding to their woes during the cost of living crisis.

“Coping with rising premiums is particularly challenging for individuals on fixed incomes who have fewer options to boost their earnings.

“However, despite the short-term pressure many over 50s are under, it is reassuring that plenty are taking appropriate action to support their families in the event of their death.”