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.

July 2017 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? But life insurance is really just about having a plan as to how to keep your loved ones financially protected at a time they need it most – who doesn’t want that? Our Life Snapshot for July 2017 is here to help you navigate the world of life insurance.

We hope that by seeing what people like you have already chosen through from April to June 2017, 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 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. 

Cheaper premiums

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 £17.60 a month, a small increase from last quarter when it was £16.47. But these jump to an average of £24.49 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,

“Taking out a life insurance policy is probably at the bottom of the to-do list for our Generation Zs (or young independents) but our research shows that this is the prime age for them to be thinking ahead. In fact, the savings difference between a young independent person and someone with a family is, on average, £84 a year. When you consider that the majority of people take out insurance to cover 21-25 years, this amounts to around £2,000. Despite this, our research shows just how many young independents are failing to take advantage of this significant saving, with only 17% taking out a policy – almost half compared to those with dependencies (33%), despite this group being more likely to represent a higher risk of health problems.”

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

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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