Survey shows benefits of taking Life cover at early age
'The younger you are when you take life cover, the cheaper it will be. Waiting until you're old to get the protection habit means you'll not have the peace of mind having protection brings - and the monthly cost will be higher.'
NO FEE mortagage broker, London and County's October survey of people arranging for life insurance, showed that 44 per cent of people were over the age of 45. This is despite the fact that life insurance gets more expensive with age.
In the survey, the average monthly premium for the 56+ age group was 35 per cent more than for those aged 26-35. Many people don’t expect the unforeseen at an early age and can often prioritise other items above buying protection.
However, there are financial benefits, not to mention peace of mind, from buying protection early. The survey showed that people in the 26-35 age group had an average monthly premium of just £26.29 – less than a pound a day. This was despite 55 per cent of people in the younger group being smokers compared to only 6 per cent in the older age group.
Richard Morea, manager at the firm said, “The younger you are when you take life cover, the cheaper it will be. People should consider it an essential item like motor or household insurance. Waiting until you’re old to get the protection habit means you’ll not have the peace of mind having protection brings – and the monthly cost will be higher.”
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