Research has found that 36% (1 in 3) of all parents don’t have any form of life insurance. According to the report, homeowners with dependents have outstanding mortgages worth an average of £133,000. While renters pay an average of £666 a month for housing. Were these homeowners to die without insurance, their families may be forced to continue making these payments on a substantially reduced income. Research has also found that 8.5 million UK adults, regardless of whether they have dependents, have no active life insurance policy in place. This is despite 65% of the UK being homeowners.
Life insurance could enable you to leave money behind for your dependents so they are able to cover costs when you are gone. There are many different types of life insurance policies you can purchase. If you have anyone who is financially dependent on you, it is important to consider. The two most popular policies are whole-of-life policies and term policies. Whole-of-life cover, otherwise known as life assurance, does exactly as the name suggests. It covers the policyholder until they die and provides a payout no matter when they pass away. Any other policy is term life insurance which covers a fixed time period. There will only be the opportunity for a payout if you die whilst your policy is active. There are other specific types of policy such as mortgage cover, family income benefit, increasing cover, etc. too.
Facts and Figures
The number of adults, with or without dependents, that have life insurance varies geographically. For example, the East Midlands has the lowest insured population with 44% of people not having any form of life insurance. This is closely followed by Yorkshire and the Humber with 43% of residents without life cover. Northern Ireland has the least amount of residents without cover at 24%. This is followed by North East England which has 31% of residents without insurance.
The report also found that Yorkshire and the Humber is the cheapest area for life insurance premiums at £24.60 a month. This is closely followed by the North East at £30.70 and East Anglia at £32.20. The most expensive place to live in terms of insurance premiums is London at £69.40 a month. There is a large jump to the second most expensive place, West Midlands, at £49.50 a month.
To compare your life insurance options head to our website. You could receive a free, no-obligation quote based on your circumstances. You could save money and access 2022’s best insurance deals and be well on your way to financially safeguard your loved ones if the worst were to happen to you.
Posted in: AgeBMIChronic IllnessesCritical Illness CoverFactorsFacts And StatisticsFamilyImpaired Life InsuranceJoint Life InsuranceMortgage Protection InsuranceOver 50s Life InsuranceOver 60s Life InsurancePre-existing ConditionsProfessionSmokingTerminal Illness CoverTypes Of Life InsuranceVaping