Protection policies 'ignored by the young'

By Marianne Straker, Tue 4 May 2010 - Published in Life Insurance

Young people do not seem to consider taking out protection policies to be a priority, it has been suggested.

Recent research from LifeSearch claimed that young people are the UK's most financially-vulnerable group, with just 3.5 per cent of policies issued by the firm going to those under the age of 25.

The study added that products such as life cover, critical illness insurance and income protection tend to be less expensive for younger buyers than older customers.

Commenting on the report, a moneysupermarket.com spokesman said, despite this, people tend not to look at products such as life insurance and health cover when they are young.

"Generally when they get married, start having children, when life stages start to improve over the years, then people start looking to protect their life," he explained.

However, the representative claimed that when young people do buy protection policies, they tend to be more savvy than older consumers and take the time to shop around for the best deals on the market.

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