According to research undertaken by Zurich, almost 50% of singletons do not have sufficient cover for their finances if they were to have a serious illness or lose their income. The survey undertaken questioned single people, men and women, between the ages of 35 and 45. Surprisingly, cars and holidays were higher up on the priority list than serious illness protection. Less than 50% of single people with mortgages had any protection for their mortgage. Less than 30% had any cover to protect their income.
Our View
Whilst having no cover at all is fairly irresponsible, especially for singles, we must also look at the affordability side. The figures highlight that many more people seem to have life insurance than protection against illness or loss of income. This could be for one very good reason - the cost. With house prices rocketing, single people and first time buyers find it very hard to get onto the property ladder. It is possible that most of their monthly income is taken in mortgage payments and household bills. Our advice is to take out the most cover you can afford. For single people, income protection and serious illness cover seems more important than cover on death. Get a quotation online now.