The number of young people buying life cover fell by 5% to 31% of all protection policies written by Lifesearch during the last 12 months, according to figures from the firm.
Between January 2006 and January 2007, income protection sales remained flat, critical illness cover sales rose by 18% and sales of family income benefit policies rose by 83%. A separate survey for Lifesearch of 1,001 UK adults with protection insurance reveals young people (aged 18-29) without dependents are almost six times more likely to insure their life (74%) than their income (13%). Just 12% said they had purchased the product which they felt best suited their personal circumstances, while 37% based their buying decision primarily on price alone, rather than comprehensiveness of c...
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