Not having life insurance comes at a cost

Death rates are still higher than pre-pandemic¹ levels, yet 48% of adults aged 18-40 do not have life insurance. This puts many in a precarious position, as the unfortunate reality is that the cost of dying is high.

 

Research has found that, in Great Britain, a premature death can cost surviving family members an average of £195,475 over the course of ten years2. These estimates are based on the hypothetical basis that someone leaves behind a partner and two children. The figure fluctuates depending on the location – London is the most expensive area (£261,754), while North East England is the cheapest (£130,160).

 

Higher funeral costs

Of the adults under 40 who do have life insurance, 27% said they took it out to pay for a funeral. This is an important cost to consider, as a recent report has found that funeral expenses are higher than ever (£9,658) ³.

 

Mitigate the pressure on loved ones

Whatever your age, it is advisable to seriously consider taking out life insurance if you have dependents. Planning now could significantly alleviate the stress on your loved ones, should anything happen.

 

We can find the appropriate level of cover based on your specific circumstances – get in touch.

 

As with all insurance policies, conditions and exclusions will apply.

¹ ONS

² Beagle Street

³ SunLife

4 April, 2024

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