LifeSearch: Younger generation not buying life cover

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LifeSearch: Younger generation not buying life cover

Tue 24th Feb 2009

LifeSearch has conducted a study which reveals that many young people are not buying life insurance, despite the fact that they may benefit from cheaper prices.

The insurer found that only three per cent of the policies it wrote last year were for people under the age of 25.

However, according to LifeSearch, insurance policies such as life cover, critical illness insurance and income protection cover are cheaper for people under the age of 25.

Matt Morris, LifeSearch policy adviser, said: "Many younger people have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work."

Recent research by LV= revealed that many people in the UK are planning on cutting back on the amount they spend on insurance they consider to be non-essential this year in order to make savings during the recession.

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