"We’re seeing a generation of adults without Life Insurance, and we know from speaking to our customers that this includes people from a range of backgrounds, including young families with children."
- Ryan Griffin, Director of Protection at Beagle Street
Of those surveyed (2,000), 28% of those without cover said they’d never thought about it, while 27% were convinced they couldn’t afford it. One in five (20%) said the Cost-of-Living Crisis has drained their financial funds. Consequently, more than 10mn adults in the UK (51%) don’t have Life Insurance.
Notably, of those with Life Insurance, more than a third (34%) said they spoke to an adviser while only 27% consulted price comparison sites. A similar percentage (26%) received recommendations from family and/or friends.
In light of fluctuating interest & mortgage rates, Beagle Street is concerned about what this could mean for those without savings if the worst were to happen i.e. losing a loved one. The impact of premature death on surviving family and friends isn’t solely emotional but also financial; they may be unable to maintain their previous standard of living.
Discussing personal experience, Chris Kisby, 36-year-old Sales Assistant from Lincolnshire, took out Life Insurance with Beagle Street after his daughter, Violet, was born. “When I was in my twenties, I never considered getting Life Insurance but as time went on, I started to think about it more seriously. My partner, Jo, fell pregnant last year and when my daughter, Violet, was born I felt this overwhelming urge to protect her in any way I could,” he explained.
Chris said: “Violet is wonderful, she’s just six months old but already a passionate young lady who knows what she wants. It felt essential that if the worst was to happen, then I could offer some measure of security for my family.”
Ryan Griffin, Director of Protection at Beagle Street, noted “We’re seeing a generation of adults without Life Insurance, and we know from speaking to our customers that this includes people from a range of backgrounds, including young families with children.”
“This is worrying as many families would struggle to cope if a breadwinner passed away, potentially leaving thousands of people in a vulnerable position […] Our research shows that, of those with cover, many used a financial adviser or price comparison website to find cover that was right for them and I’d say this is a great place to start,” he concluded.
