Why do so many families lack life insurance?

Why do so many families lack life insurance?

According the British association of Insurers, over one third of all families in the UK do not have life insurance. As you could imagine, this is a large amount of the population who have no life insurance cover in place, so in today’s blog the cheapest life insurance try to find out, what is putting so many families off purchasing life insurance.

When it comes to starting a family, life insurance is normally at the top of families list. Although it may seem like a slightly gloomy way to plan for starting a family, it could be a great way to plan how your family would cope should the worst happen.

Below, we look at the two main reasons why we feel that people may be put off with the thought of purchasing life insurance:

  • The cost

Starting a family is expensive enough, without having to worry about more money coming out of your account every month. People tend to see life insurance as a luxury rather than a necessity which could lead them to think it is out of their price range.

However, the cost of life insurance entirely depends on a person’s needs and does not need to be expensive. Life Insurance is designed to be personal to the policy holder and one person may not need as much cover as someone else would. Life insurance starts from as little as £6 a month which makes it a little easier when fitting around personal budgets.

  • Having the time

It can be true that on some occasions, according to your medical history, going through the application via phone may take some time.

However, the reason why the application could take 20 minutes or longer is so that your insurer is aware of all of your medical conditions, so you can be rest assured that when the time comes to claim the policy, there will be no issues.

If you feel that now is the right time to look into protecting yourself and your family with life insurance, why not speak to one of our friendly consultants today for a free quote.

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