According to a YouGov Life and Health Protection report, affordability is the key reason why more people do not take up life insurance. 34% of people said that they cannot afford to invest in it. If they could afford it, 29% say they would at least consider having a policy. 22% say they do not see the need because they have no family or dependants. Unfortunately, 29% say they could not be persuaded by any of the enticements given out to take cover.

Life insurance could cost a lot less than you think

Tom Rees, Associate Director, YouGov Reports said, ‘It is clear that companies offering life protection need to do more to make the service both affordable and ‘worthwhile’ in the eyes of customers. Until that point, the take-up of such offers will be low’. So, this is our attempt to do just that.

See how the cost of life insurance compares:

Essential Insurance – £11.60

HSBC – £14.79

Vitality Life – £14.76

Aviva – £13.48

Direct Line – £12.57

These prices were correct on 28/03/17 and prices shown are per month, based on a 40-year old non-smoker – level term life insurance for £150,000 over a 20-year term.

To put this £11.60 into perspective, let's look at something you might be spending money on that is costing you more than £11.60 a month – coffee!

Did you know that we Brits have a coffee habit of almost £3billion a year! And by 2020, sales are expected to soar to £3.75bn – that is a huge amount of coffee that we drink and big ‘bucks’ for the famously named coffee shops. Figures from market analysts Mintel show three-quarters of adults buy hot drinks when they are out and about, with most of us stopping at a big named coffee shops. So, if you are buying a coffee every weekday you are contributing around £2.50 a day towards to their fortunes – which means you could be spending around £50 a month on coffee!!! That’s some habit we have. Just think if you cut back 5 coffees a month you’d have enough to invest in life insurance, with change left over!

You see, it doesn’t cost the earth to secure your family's future. A minor adjustment to what we spend our money on now could ensure that our families don't have to make very large financial adjustments in the future if the worst should happen.

All our advisors are trained to assess your situation and help you evaluate your life insurance cover needs. Your advisor will explain how much, and what types of, insurance make sense for you and so you can provide financial security for your loved ones.

For further advice, why not give us a call on 0800 612 8005 or you can request that we call you back.