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.
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.”