Only 1 in 3 Over 50s Have Life Insurance During Pandemic

According to OneFamily research, results have revealed that only 33% of over-50s were covered by life insurance over the past 12 months.

28% (1 in 4) in this age group also did not want to engage with end-of-life planning.

Certain areas of the country are more likely to have insurance cover than others.

Areas above average rates are:

• Scotland – 47%
• Northern Ireland – 46%
• Wales – 37%

Whilst areas at the bottom of the list, where:

• West Midlands – 26%
• London – 28%

Despite this, 3 in 10 over 50s agreed it is more important than ever to have life insurance cover in place. 

• 47% of those with a mortgage still to pay, indicated that still having costs to pay on a home was a key factor in their decision.
• 21%, that’s 1 in 5 that do have life insurance, were uncertain as to whether it would cover issues arising if they had caught Covid-19.
• 13%, that’s 1 in 8, revealed that cost was a factor and struggle to cover the expense of life insurance and 14% said they would consider cancelling their life insurance if finances were tight.
• 18% of people in their 50’s thought they were too old to get life insurance at their age and most of them (52%) said they would rather put the money into savings than be covered by life insurance.
• Of the people that have life insurance in place 40%, that’s 2 in 5, said they had peace of mind that funeral coats were covered and their family didn’t need to worry in the event of their death.

Comment

Given that only 1 in 3 over 50s had life insurance cover may be due teh fact that many people find it hard to face up to their worst fears, the difficult subject of mortality.  You should speak to an adviser to help you understand life cover age requirements and the need for doctors reports or medicals to secure cover.  As we get older, it will become increasingly harder to get life insurance cover so we really need to get our insurance cover in place in our 50s at the latest.