Are you under 35 right now? Are you currently single? Or do you and your partner have kids? If you answered yes to any of these, congratulations… you’re officially part of the most financially unprotected people in the UK.
Yes, it seems that singles, couples with children and those under 35 are least likely to have life insurance in the UK, according to new figures from Swiss Re. They form part of a £2.4trillion pound ‘black hole’ of uninsured assets which works out at around £100,000 per person.
The latest Swiss Re report also shows a widening of the gap between the cover that is needed and what’s actually in place. This number is 20% larger than it was a decade ago and shows that a large percentage of people don’t realise the need to protect themselves and their families.
Swiss Re’s UK chief executive Russell Higginbotham states that this is ‘proving to be a long-term problem’. He added:
“The protection industry is faced with the challenge of better communicating to consumers how to alleviate the financial burden placed on families and dependants in difficult times.”
Higginbotham states that a healthy, non-smoking 35-year-old man would only pay around £2 per week until he’s 65 for £100,000 of life cover - despite this, last year’s sales of term policies was down 3.4%.
Luckily it’s not quite all doom and gloom – the report also shows that sales of critical illness and whole-of-life insurance went up last year, by 3.1% and 7.9% respectively. This equates to over 550,000 critical illness policies and over 400,000 whole-of-life policies.
So, to re-visit our original question… if you are a part of the most financially unprotected group in the country, could you spare around £2 a week? That’s all it could cost you to secure your family’s financial future.
Protect your share of the £2.4tn – contact us today on 0800 524 4153 or search online now.