New research from Confused.com suggests that only four in ten adults have life insurance, with 30% of people claiming that they do not have it because they cannot afford it. Worryingly, of those without life insurance, 35% have children and 69% are in a relationship, meaning loved ones would be left financially disadvantaged should the worst happen. With life insurance available from just 17p a day, the comparison site has found that in fact it is more a question of prioritisation than affordability.
Research says that of those without life insurance:
- 76% spend money each month on their mobile phone
- 11% spend money each month on mobile phone insurance
- 7% buy a posh coffee or tea every day at work
- 55% buy new clothes every month
- 27% spend money every month on music and DVD downloads
- 17% pay a monthly gym membership fee
- 7% spend money on appliance insurance or extended warranties
- 16% buy lunch at work every day
Matthew Lloyd at Confused.com says, "It is worrying that a third of people are blaming the cost for not having any life insurance when they spend so much money on other things, which are arguably less important than life insurance, each month. Any change in life circumstance, such as getting married or starting a family should be a trigger for reviewing life insurance needs, and it's a concern that so many people without insurance are in these groups. Life insurance is not expensive, and a small sacrifice, like giving up a posh coffee once a week, could make a big difference in the event that the worst happened."