Falling life insurance sales amongst younger people

Wed, 11 Apr 2007

According to the life insurance and protection specialist LifeSearch, percentages of younger people purchasing life insurance slipped by a 5 per cent margin over the course of the last year.

The news was revealed by figures released by LifeSearch, indicating a 5 per cent decline in life insurance amongst under 35 year olds. LifeSearch also suggested that the young made poor product choices, with just 12 per cent of 18-29 year olds satisfied that they had purchased the most suitable policy for their circumstances.

37 per cent of this age group based their purchase on price. The policy advisor at LifeSearch, Matt Morris, reportedly commented: "This shows a worrying trend that the UK protection gap will continue to grow. Although the average age of first time buyers is probably rising, many younger people still have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work."
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