Protection gap 'widening'
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Money News |
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Protection gap 'widening'
Thu 5th Apr 2007
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Research carried out by the group indicates that the percentage of young people under the age of 35 purchasing cover reduced by five per cent to less than a third between January 2006 and 2007.
Of those people in the 18-29-year-old category, just over one in ten considered themselves to have chosen the package which best catered to their particular requirements.
Almost two-fifths of respondents between the age of 18 and 29 said that their buying decisions were primarily based on cost, rather than picking the most suitable product.
LifeSearch policy adviser Matt Morris said he was worried by the evolution of a growing "protection gap".
He added: "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."
He also said that life insurance premiums were likely to be lower for young people not only because of their age but also because they are likely to be healthier.
Related News : Insurance |
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