The UK’s life insurance hotspot…
Kamran Altaf, our Head of Life Insurance at comparethemarket.com, said:
“Life insurance is most often purchased reluctantly. However, this should not diminish its importance to anyone with dependents. People who have any responsibilities to others – financial or otherwise – should ensure that they are properly covered by a policy that meets their needs and the needs of their dependents.
“comparethemarket.com’s latest Life insurance snapshot, shows that there is a large regional disparity when it comes to costs. Despite the average life insurance premium costing around £20, those residing in Greater London and the South East can expect to pay an average of £7 more per month. This is largely down to higher house prices in those regions, where the average home can set you back almost £500,000.** However, in the North East, where the average house price stands at £125,000**, consumers can expect to pay as little as £16.88 for life insurance. This reflects the fact that those with a higher house price, will likely have a higher mortgage meaning that higher levels of cover is need. Naturally, the price of the policy increases depending on the level of cover required.
“Figures also revealed that those aged between 25 – 34 continue to form the largest cohort taking our life insurance, likely coinciding with first-time home purchases and couples starting families. Life insurance does not need to be expensive and shopping around is always the best way to ensure you are on the most affordable and comprehensive deal. While most people purchase life insurance when taking out a mortgage, customers should consider doing so beforehand due to the financial responsibilities that may be passed over to their loved ones should something happen.”