A survey carried out by MoneySuperMarket has revealed that up to 60% of UK adults do not have any form of life insurance, with many believing it’s too expensive and that insurers don’t honour claims.
The reality, however, is very different – with 97.7% of all claims being paid out and the average monthly life insurance premium just £21.75*.
Many of us lead busy and stressful lifestyles, so we tend to spend any spare cash on little luxuries to reward ourselves, rather than on things such as life insurance.
MoneySuperMarket have created a new infographic showcasing how small changes to your lifestyle can leave you with more than enough money to take out a policy and ensure your family’s financial security is taken care of, should the worst happen.
– The average Brit spends £110 on takeaways every month, which adds up to £1,320 a year. Cutting down by just one takeaway a month, will cover the cost of an average life insurance premium
– TV packages can cost upwards of £100 a month. Reducing your channel package could leave you with more than enough spare cash to cover a policy.
– A trip to the pub doesn’t have to be particularly boozy for the tab to add up to more than £20. A night in every so often, or even just a few drinks less could reduce that tab dramatically.
MoneySuperMarket commented on the statistics – “Life insurance is one of those things that nobody likes to think about, but it also has managed to develop a stigma of being an expensive commodity. The reality, is that it is an important piece of financial planning that, with the help of a few small lifestyles changes, can be easily affordable for almost anybody.”
You can take a look at the entire list of suggestions on the infographic here – http://www.moneysupermarket.com/life–insurance/real-cost-of-life–insurance/
*£21.75 Average monthly life insurance premium based on MoneySuperMarket sales data Jan-June 2016.