More than 10 million young adults are without the safety net of life insurance, as more than half (51%) do not have cover, new research from Beagle Street has revealed.
A survey conducted by the life insurer asked 2,000 adults aged 18 to 40 about their behaviours and attitudes towards life insurance.
Of those without cover, almost three in 10 (28%) said they’ve never thought about it and a similar amount (27%) can’t afford it.
One in five (20%) said the cost-of-living crisis means they have no spare money.
Of those with life insurance, more than a third (34%) said they spoke to a financial adviser, 27% used a price comparison website and 26% had recommendations from family and friends.
With increased interest and mortgage rates during to the cost-of-living crisis, this could mean millions of people are without a savings safety net if the worst were to happen and a family member passed away.
Ryan Griffin, director of protection at Beagle Street, said, “What we’re seeing is a generation of adults without life insurance and we know from speaking to our customers that this includes people from a range of backgrounds, including young families with children.
“This is worrying as many families would struggle to cope if a breadwinner passed away, potentially leaving thousands of people in a vulnerable position. I would say that getting cover is easier than people may realise.
“Our research shows that, of those with cover, many used a financial adviser or price comparison website to find cover that was right for them and I’d say this is a great place to start.”
