Life insurance is a necessity for one and all but two third of Britons are surviving without a life insurance policy. Most of them are having health concerns but they are still not choosing to invest in a whole of life insurance policy. According to a report by Lifesearch, UK’s leading life insurance provider, 57% of the adult population is without life insurance while 11% are not even aware about it.
The surprising fact is that having a life insurance policy helps one to pay mortgage and records suggested that 63% of Britons have owner occupied homes in 2015-16. We find a very small percentage investing in life insurance even when 29% of people agree that poor health is their biggest cause of worry. 24% of the survey takers admitted to worrying about the health and death of their family members.
If figures are to be believed then 27% of over-55s have a valid life insurance policy. Out of these, 2% were covered under the policies made by their employee. 31% of youngsters in the age group of 18 to 35 have opted for life insurance, out of which 5% are through their employer.
The statistics clearly suggest that a huge population of Britons is still not covered with whole of life insurance. This is a cause of concern as very few youngsters are covered for life while life insurance for over 50 is also less than one third.
Speaking on the matter Shay Ramani, founder of price comparison site FreePriceCompare said that “Lack of awareness is the main reason behind such a low turnout of life insurance policy holders. While many think that life insurance in UK is a costly affair, others do not feel the need for it. Moreover, most of them are not shopping around and thus cannot leverage cheapest life insurance providers in UK. They need to compare life insurance cost in UK and choose providers that offer a cheap life insurance policy.”
If you want to find the cheapest life insurance quotes online then choose the free price comparison services of FreePriceCompare. We compare all UK insurance providers and suggest the cheapest insurance deals for you. In addition, you just have to choose the company and we will manage the switching process for you. Do not worry about the cost of life insurance as with us, you can start investing for your family’s health with just £5 a month.