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.”