Young Brits neglect life insurance

By Marianne Straker, Tue 24 Feb 2009 - Published in Life Insurance

Not enough young people are buying life insurance, it has been claimed.

Research carried out by cover provider LifeSearch indicates just three per cent of all protection policies written by the company during this period were bought by those under the age of 25.

The group added that a life insurance policy over a 30-year term would be Ł1,548 more expensive if it was bought at age 35 rather than age 25.

It added that life insurance is cheaper for young people because they are likely to be healthier than those who are older.

Policy adviser at the firm Matt Morris commented that more needs to be done to reach younger consumers.

"Many younger people have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work," he added.

"Often they either buy no financial protection at all or rely on the internet to get the best deal."

This week, financial services provider Liverpool Victoria claimed people in the UK are planning to make cutbacks to their insurance payments during 2009 as they try to adapt to the difficult economic climate.

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