63% of UK adults have no active life insurance policy in place. This is despite 65% of the UK being homeowners. If you own a home and do not have life insurance, you could be leaving your loved ones a considerable amount of debt when you die.
Comparison site, Money Supermarket, has reported that many people are not taking life insurance out due to ‘widespread myths’. For example, increased expense, insurers never paying out, or not wanting to think about it as it is too morbid. Neal Cross, from Money Supermarket, found that “a number of myths have been circulating about life insurance for some time with the result that people have been discouraged from taking out cover. For many of us, life insurance isn’t expensive and will likely cost a fraction of what a typical household spends on their home entertainment subscriptions.”
The average cost of life insurance in the UK is just £10.96 a month for every £100,000 of cover. The individual cost to you will vary depending on your circumstances and the amount of coverage you need. There are affordable options available that can ensure your family is protected when you die. As Neal Cross said, life insurance likely costs a fraction of what you will spend on home entertainment subscriptions. Also, the Association of British Insurers and Group Risk Development show that 98.3% of claims were paid out in 2019. Therefore, debunking the myths that are preventing so many from purchasing life insurance.
So, where do I start?
If life insurance is something you still need, you can compare policies from some of the top insurers today. Just enter your details on our website. You will get a completely free, no-obligation quote that could help you secure a policy. The majority of policies pay a tax-free lump sum of cash to your loved ones if the worst should happen to you. Compare Life Plans delivers a quick and easy way to find the best Life policy for your individual needs.