Uptake of life cover by young people remains low
Mon, 10 May 2010
The number of young people who are taking up life cover and other forms of financial protection continues to remain low.

Protection specialists, LifeSearch, have released figures for February 2010 which show that just 3.5 per cent of all protection policies written by the company during this period were bought by young people. This continues the shift seen in the previous 12 months.

Life insurance, critical illness and income protection are just three protection policies that are not as expensive for younger people (age 25 and under) due to their age and also because younger people are likely to be healthier, which keeps premiums low. However, despite this price advantage young people are not purchasing protection products in significant numbers.

LifeSearch Policy Adviser, Matt Morris, said: "The industry continues to fail to reach young people with the message of how important protection is for their financial stability. Often they either buy no financial protection at all or rely on the internet to get the best deal. That might work with car insurance, but not with financial protection."
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