Life insurance ignored by young people

Mon, 23 Feb 2009

According to recent research by protection specialists LifeSearch, life insurance is being ignored by young people. The number of younger people choosing life insurance cover and other types of financial protection has slumped to an all time low, the company found.

According to 2008 figures, just 3 per cent of all protection policies written by the company were for young people. Life insurance policies, critical illness and income protection are all cheaper for younger customers.

LifeSearch policy adviser Matt Morris reportedly commented: "Clearly more effort needs to be made to reach younger people. Many younger people have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work. Often they either buy no financial protection at all or rely on the internet to get the best deal. That might work with car insurance, but not with financial protection."
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