Life Snapshot - Life Insurance Statistics |

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.

June 2018 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? Life insurance is about making sure the people you love most are well looked after should the worst happen. It could ensure your family keep the home they’ve grown up in or that your children go to university, even if you’re not around to help with the expense.

Our Life Snapshot for June 2018 is here to help you navigate the world of life insurance. We hope that by seeing what people like you have already chosen through Compare the Market from February to June 2018, 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 than 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.

Location, Location, Location!

Life insurance premiums tend to differ depending on where you live…

Daniel Hutson, our Head of Life Insurance, commented:

“It is encouraging to see a slight decrease in life insurance premiums. However, it’s worth noting that the regional pricing disparities are growing. As life insurance premiums are linked heavily to house prices, the North-South house price gap is being reflected in the cost of life cover.
“Compare the Market data shows life insurance is most expensive in Greater London, where the average house price stands at almost half a million pounds*, and those living there can expect to spend just under £30 a month on average for a comprehensive policy. In comparison, in the North East of England, where the average house price is £130,000**, the average annual policy is just £11.98. This is similarly the case in Wales, where homes cost an average of £150,000**, where the average policy costs £11.19 a month.”
“One key thing to remember when moving home, is that it offers a great opportunity to review your life cover, and see if there are any savings to be made. In any case, irrespective of what region you live in, it’s crucial to shop around for the best deal, rather than simply seeking cover through your mortgage provider, bank or building society, or opting for a company that you’ve seen through the best deal. Shockingly, our recent research shows that 79% of UK adults have never switched provider, meaning they could be paying over the odds for a policy. Given people tend to take life cover out for a significant amount of time, it’s worth remember that significant savings can always be made – even a saving of a few pounds a month adds up over a 25 year+ period.”

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 Compare the Market?

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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