Can i Afford Life Insurance
Is life insurance affordable?
We as a nation protect our homes, procession’s and even our pets, with a worryingly low amount of homeowners investing in suitable life insurance.
Latest figures suggest that the overestimated cost of life insurance was over by a massive 394%. By looking at these stats it's no wonder so few people take out this kind of insurance. Most people thought that £100,000 of life cover would cost around £50 per month – nearly five times more than the average premium of just £10.31.
Around 47% of people do not know how much life insurance costs, which could be the reason why not many people have taken out life cover. But, that doesn't stop people worrying around 26% of those people who don't have life insurance cover are concerned that they don't have it, with around 11% saying that their family would lose all or most of its income if the worst were to happen, while around 8% admitted that they didn't know what the financial implications would be.
This kind of thing isn't just a worry for the uninsured, either – even among those who do have insurance. Around 39% of people are certain they have enough cover, while around 11% said they know that they are underinsured and around 15% don't know how much cover they have in place.
Quote Me Less realise that people are not protecting themselves with life cover because they think it is much more expensive than what it is.