Our data has shown that people aged 25-34 are most likely to take out life insurance, with 39.59% 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.
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.
Our snapshot shows that the average premium for those aged 25-34 is just £16.47 a month, but these jump to an average of £22.84 a month by the age of 35. Generally, this will only continue to go up from then on so it’s worth considering your options to protect your loved ones at a young age to benefit from lower premiums.
Daniel Hutson, our Head of Life Insurance, commented, “Life insurance may not always be front of mind, but it’s an important product that will help protect your loved ones financially at a time when they need it most. The sad reality is that bereavement can be sudden and incredibly painful, so having financial security can help take away one major worry. Our research shows that three quarters (75%) of widowed parents admitted that bereavement had ‘far more financial costs associated with it’ than they expected. On top of this, recent cuts to the Government’s bereavement benefits means that in such instances, 75% of all families with children are likely to be worse off financially.”