New data has found that 60% of Brits do not have life insurance, despite 43% of them having children.
In addition, 38% of respondents are married and 16% have a mortgage. This is according to MoneySuperMarket.
The data, which came from a survey of 2,000 people, also looked into trigger points for Brits buying life insurance. A quarter (28%) took out life insurance because they bought a house. In addition, 18% took on life insurance due to the birth of a child. On average, people waited 11 months to get life insurance after buying a property. Also, they waited 14 months after the birth of a child.
The average age of someone taking out life insurance was 33. Furthermore, those aged between 35 and 44 were the most likely to have a life insurance policy (46%). Following that was 45-54 year-olds (43%), over 55s (36%), 25-34 year-olds (34%), and 18-24 year-olds (21%).
Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, commented: “While we may not want to think about death, anyone who has dependants should make life insurance a priority. Our research shows that there is a delay between having children and taking out life insurance, which means your family could be left without any financial protection in the event of an unexpected death.
“Policies can be set up to pay off a mortgage and other debt, and also to provide money to meet the day-to-day financial needs of those left behind. As a result, it’s important to take the time to look for a policy that’s best suited to your needs and one that gives you peace of mind knowing that your family is protected.”
Smoking not helping life insurance for Brits
According to MoneySuperMarket, smoking adds £152.76 a year on average to life insurance premiums. In addition, smokers across all occupations pay 54% more for life insurance. On average, this totals to £13.82 per month for all types of life insurance policy.
In contrast, the agriculture, forestry and fishing industries, which have the highest accident and fatality rates, only have the 11th highest average premium. They pay an average of £27.58 per month, despite there being 123% more accidents per 100,000 workers than average.
A smoker in a relatively safe industry, such as finance and insurance, will still be paying significantly more (£40.84) a month than a non-smoker in a more dangerous industry, such as construction (£25.35).