Recently I read a heart-breaking story published by BBC News in the West Midlands. The article was about a woman, whose partner had sadly died in August, aged just 34, from cancer. The couple had not yet got life insurance, as in their early 30s, they thought they would not need it so soon.

However, the woman, who is pregnant, now faces losing her home and business after her partner died without life insurance.

Consequently, the woman’s sister is now urging people to think about getting life insurance.

The fact is that most people aged 25-34 do not have life insurance – according to the Financial Conduct Authority Financial Lives Survey in 2022 less than one-third of all UK adults in this age group have life insurance - that is over 6 million people in this age group without this valuable type of protection insurance.

When we’re younger we may think that we’re invincible, and diseases like cancer are more commonly associated with older age. However, according to new research from the University of Edinburgh, cancer cases in people under the age of 50 have risen by 79% between 1990 and 2019, and they found growing global evidence from the past three decades which has pointed to an increasing number of cases among young adults. While genetics are likely to play a part in the rise of cancer cases in young people, experts say that smoking, alcohol consumption and diets high in meat and salt but low in fruit and milk are the main risk factors – with cancers of the breast, windpipe, lung, bowel and stomach responsible for the biggest death toll.

Cancer Research UK says that 1 in 2 UK people will be diagnosed with cancer in their lifetime and that a person’s risk of developing cancer depends on many factors, including age, genetics, and exposure to risk factors. Their latest statistics state that adults aged 25-49 contribute to around 4% of all cancer deaths.

Earlier this year leading insurance provider Aviva reported that cancer was the most common reason for life insurance claims made in 2022 for persons aged 30-39.

Many of us worry about how our loved ones would cope if we were no longer around. Last year, Aviva helped thousands of customers and their families, paying 41,002 life insurance and terminal illness benefit claims, totalling more than £683 million.

Jacqueline Kerwood, Claims Philosophy Manager at Aviva, said: “The scale of the payments we consistently make to individual protection customers year-on-year evidences the crucial financial support that our protection insurance provides for tens of thousands of UK households, especially during times of broader cost of living challenges.”

The future cannot be predicted, but with the benefit of hindsight, the woman’s sister says about life insurance, “I think at any age it’s very, very important, especially if you’ve got a property or any debts that you are leaving.” It is “heart-breaking” her sister could potentially lose her home she said.

If the worst were to happen, at whatever age, we know that you’d want to make sure those left behind have the financial support they need. If you think there is no time like the present for you to consider life insurance and you'd like to discuss the options available to help you plan to protect your family’s future and give you peace of mind, we can help you. Contact an Essential Insurance advisor today on 0800 612 8005.

Image for illustration purposes.