47% of all people in a recent survey commissioned by Royal London say that life insurance is essential for anyone with a mortgage or dependants. However, whilst so many of us recognise a need for protection cover this doesn’t necessarily translate into an action to buy. The research was done to find out why. The results revealed that the older you are, the more likely you are to view life insurance as essential – with almost 6 in 10 people aged 55+ agreeing that life insurance is essential if you have a mortgage or dependants.

This might simply reflect that older age groups have greater life experience and may have had some financial shocks along the way. Or perhaps as the older we get, the more aware we become of our own mortality.

Nevertheless, the study also showed that only 30% of people in the 55+ age bracket has a life insurance policy and that one of the main reasons why we do not buy life insurance is because almost half of those surveyed think this type of insurance costs too much.

Cost is obviously relative - what can be afforded by one person, may not be so easily afforded by another. But as we’ve reported previously, it seems that many of us think that life insurance is expensive, without realising the true cost. So, we’d like to set the record straight and give you some great news! Life insurance might not be as expensive as you think and protecting the future of your loved ones could be well within in your budget!

If we look at our latest published figures (correct at 29.06.2017) you* could get life insurance for as little as £11.60 per month – that’s less than 40 pence a day!

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The fact is that for a relatively small amount of money paid each day today, your loved ones could benefit from your life insurance policy in the future. The latest figures published by the Association of British Insurers (ABI) show that £2.7 billion was paid out in life insurance claims to over 36,000 people in 2016.

For the beneficiaries, the money can’t replace the loss of a loved one, but it can make a difficult situation easier to cope with.

If you are unsure, we can help you to evaluate your life insurance cover needs. Your advisor will explain how much, and what types of, insurance makes sense for you and so you can provide financial security for your loved ones - at a price you can afford.

To learn more, call us today on 0800 612 8005.

*Correct on 29.06.2017. Prices per month based on a 40-year old non-smoker – level term life insurance for £150,000 over a 20-year-term.