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The Life Insurance Market

Tuesday, April 27

Young people are the most financially vulnerable consumers @ 09:01 AM

Figures for February 2010 released by Protection specialists LifeSearch show that only 3.5% of all protection policies written by the company during this period were bought by young people. This continues the trend seen in the previous 12 months.

Life insurance, Critical Illness and Income Protection are just three protection policies that are less expensive for younger people (age 25 and under), not only because of age, but also because younger people are likely to be healthier, which keeps premiums low.

Yet despite this price advantage young people are not purchasing protection products in significant numbers.

The positive news is that, when young people did purchase, Critical Illness and Income Protection proved popular, with 6.1% of all CIC and IP products sold going to the 0-25 age group, compared with 2.4% for Life Cover, and 3% for Family Income Benefit. This suggests that taking advice is proving to be of particular benefit to young consumers.

Matt Morris, LifeSearch -- 1 comments: View - Post your own comment

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