According to the latest reports from Money Super Market, the data shows that two-thirds of Brits do not have life insurance, even though a large majority have dependents or property to protect.
The data shows that 43% of Brits without life insurance also have children. 38% of these people are married and 16% have a mortgage.
The statistics from the price comparison site also reveals that the biggest triggers for taking out life insurance. More data reveals that 28% of Brits had taken out life insurance because they purchased a property, while a further 18% were motivated by the birth of a child.
However, on average, those that had taken out life insurance after they bought a property had waited 11 months before doing so. Whilst those that did it following the birth of a child had waited 14 months.
Furthermore, the average age of someone taking out life insurance is 33 years of age, with those that are aged between 35-44 being the most likely to have a life insurance policy (46%). This is followed by 45-54-year olds (43%). The younger generations, including those that are aged 18-24 (21%) and 25-34 (34%), are less likely to have taken out a life insurance policy. On the other hand, 36% of over 55s stating that they currently have a life insurance policy.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
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