Majority of Britons don’t have a life insurance policy, study finds

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The majority (63%) of Britons don’t own a life insurance policy because they think it’s too expensive, according to new research from Direct Line Life Insurance.

The research findings reveal a substantial gap between households who think life insurance is important and those who buy coverage.

Only 35% of people have life insurance while six in 10 households agree it would benefit their family.

Of those who don’t have a life insurance policy, more than a third (35%) think policies are too expensive.

However, more than two-fifths (42%) of households admitted not knowing how much life insurance costs.

While factors such as age, lifestyle and the cover chosen will affect the price, many households seem unaware that life insurance policies can start from as little as £5 a month.

Some of the top reasons for taking out a policy include the desire to cover funeral and other expenses that may arise (33%), to ensure loved ones are financially taken care of (32%) and to help repay mortgage or other charges. debts (28%).

The study found that 71% of households pay for a monthly subscription service, twice as much as buying life insurance.

People can still find money for an entertainment service, with most households surveyed paying for at least a monthly subscription service such as Amazon Prime, Spotify or Apple Music and are willing to spend an average of £25 a month .

Direct Line Life Insurance communications manager Vincent Guadagnino said: “While we can avoid talking about it, life insurance is here to provide your family with vital financial support if you die or are diagnosed with an illness. terminally ill – whether to cover mortgages, funeral expenses or other debts.

“It is smart to think ahead and plan accordingly to ensure loved ones are taken care of, so we encourage people to investigate a life insurance policy not just for peace of mind. financial mind, but also to make a wise choice during the personal assessment. finance and discretionary spending.

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