24% of 18 to 34 year olds said recent global events involving Donald Trump and Russia have made them more likely to take out life insurance, according to research from Opinium conducted for Carr Consulting & Communications.
The survey, carried out between 25th and 28th March and involving 2,000 nationally representative adults, examined how political instability can influence financial decisions, especially among younger generations.
Mark Townsend, CEO of life insurance broker Reassured, saw a clear connection between global unease and consumer behaviour.
He said: “In times of political and economic uncertainty it potentially causes anxiety among younger people.
“As a result they often turn to life insurance to protect their families and loved ones to provide peace of mind.”
Townsend noted that Reassured has seen a 20% increase in life insurance policy sales this year.
He attributed this growth not only to rising consumer demand but also to expanded service capabilities.
He added: “When looking for a suitable life insurance product, customers should look to cover their main debts such as their mortgage, credit cards and any other outgoings.
“This will help ensure they have the appropriate level of cover in place for their family.”
He also pointed out that buying life insurance at a younger age typically means securing a lower premium.
Ryan Griffin, director of protection at Beagle Street and OneFamily, echoed these sentiments.
He said: “The increase in global insecurity impacts all of us.”
Griffin suggested that the shift in sentiment among young people may reflect changing attitudes about financial protection.
He concluded: “The fact that the biggest shift in thinking comes from younger people may seem surprising as it is usually parents and homebuyers that focus on life insurance.
“However, we are perhaps beginning to see a more cautious generation when it comes to protecting our finances and lifestyles.”
