Our data has shown that people aged 25-34 are most likely to take out life insurance, with more than 45% 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.
The UK’s life insurance hotspot…
Dan Hutson, our Head of Life Insurance at comparethemarket.com, said:
“Life insurance is something that few want to consider but should be a top priority for anyone with any financial obligations, significant debts or responsibilities to other people. Unsurprisingly, 25-34 year olds are the largest cohort taking out life insurance, which is likely due to this age group thinking about protection after starting families and buying their first homes. Those living in the North East benefit from some of the cheapest premiums, while those in the South East pay, on average, over £7 more per month which reflects the higher house prices in the region.
“Life insurance can be very affordable if you regularly review your policy to make sure that you are on the most competitive deal that fits your requirements – the average cost currently stands at £20 per month. The most common trigger for taking out life insurance is when someone takes out a mortgage, but most people should look at getting cover before that, as there are often financial responsibilities which you would not want to leave to a loved one should something happen.”