A third of 18- to 24-year-olds consider the process of buying life assurance intrusive, says research commissioned by TCP Lifesystems.
According to TCP 32% of under25s were uncomfortable with the sales approach compared with 16% of all age groups combined.
A further 22% of under 25s found the purchase of life assurance complicated and difficult, compared with 8% and 5% respectively for the overall population.
The research, carried out by ICM Research with 1,002 individuals, highlighted a generation gap that showed young people had less life assurance compared to older age groups, with 24% for the under 25s compared with 55% over all and 72% among people aged 45 to 54.
The survey also revealed young people were less comfortable providing medical details. Only 57% were happy to give medical information if it were to speed up the process, compared with 81% for those aged 25 through 34.
Ashley Hale, business development director of TCP, says: “ With 81% of those individuals surveyed being happy to share medical details if this speeds up the process, then this suggests that with a well designed expert system, there is scope to radically increase the proportion of business that is underwritten at the point of sale. On the other hand, the under 25s appear to have greater concerns about sharing their medical information. Perhaps we have to think more about these different attitudes when we design our processes and procedures. It’s apparent that one size doesn’t fit all. “