A recent report has found that most young adults in the UK do not have life insurance, even though it is one of the most important financial products that you could have.
Cost-of-living crisis
Over half (51%) of adults aged 18-40 admitted they do not have life cover, with many concerned about affordability due to the higher cost of living. But it is more important than ever to make sure that your loved ones have a financial safety blanket, so they do not have to fend for themselves if you are no longer around.
The cost of losing someone
It is estimated that the death of a breadwinner costs their surviving family an average of £195,000 over ten years. However, this only covers the cost of essentials – the likelihood is that it will cost the bereaved, surviving partner more.
Even if you are not the main breadwinner, life insurance is still relevant to you – any caring responsibilities you have would fall to someone else, which could then cost them money.
Don’t overlook it
Over a quarter (28%) of young adults without life cover say they simply hadn’t thought about it. Now is your chance to take control and get a policy which will safeguard the future of your loved ones.
As with all insurance policies, conditions and exclusions will apply.