Life Snapshot - Life Insurance Statistics

Our quarterly Life Snapshot is designed to show you who’s taking out life insurance, what life stage they’re at and what level of cover they’re choosing. We want to help you to have a better understanding of the policy you may need for you and your family.

October 2017 Life Snapshot

The thought of taking out life insurance can seem daunting. After all, who wants to think about what happens after you’re gone? But life insurance is really just about having a plan as to how to keep your loved ones financially protected at a time they need it most – who doesn’t want that? Our Life Snapshot for October 2017 is here to help you navigate the world of life insurance.

We hope that by seeing what people like you have already chosen through comparethemarket.com from July to October 2017, this could help you understand the cover you need, in terms of policy type, cover amount and length of policy.

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Life insurance statistics

Peak age

Our data has shown that people aged 25-34 are most likely to take out life insurance, with more 40% of our customers over the quarter forming part of this age group. This may be surprising but actually this corresponds to the fact that many people tend to make major life decisions around this time, such as buying a house, getting married or starting a family, and understandably you want to protect these important areas of your life. 

Cheaper premiums

Life insurance premiums are generally cheaper the younger you are. This is because, unfortunately, the older you get, the more likely you are to pass away or potentially have an illness during the term of your policy. Age is a very important risk factor for any life insurance provider.

Daniel Hutson, our Head of Life Insurance, commented,

“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 yet, 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.”

Take the step

So you’ve seen what kind of life insurance other people are taking out, but you’re still not sure what you need. That’s where we come in. Why not enter a few details and get a quote through comparethemarket.com?

Or if you still want to find out a bit more, why not contact our specialist advisers at LifeSearch. They could help you figure out just what you need. You can talk to them on 0800 072 1146, Mon-Fri: 8am-8pm and Sat: 9am-2.30pm. 

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