Those aged 55-64 are most likely to believe life insurance is unimportant, with one in four thinking so, a survey for SoSmart Money has found.
Among 55-64 year olds, 69% believed it was important, and over half (51%) had a policy.
Across all age groups over three quarters (76%) of adults believe life insurance is important, while 45% aren't covered.
Millennials (18-24 year olds) are the most likely to believe life insurance is important (80% do), but are the least likely to have it. Over half (56%) do not have a policy and 30% said they did not handle their finances well.
Dean Jones, managing director of SoSmart Money said: "Despite people knowing how important life insurance is, many people still don't have it.
"Nobody really likes to think about passing on, but unforeseen events do happen and you have to be ready for such an eventuality.
"You need to know that your loved ones will be taken care of if something unfortunate should happen to you, so that any financial burdens such as debt won't affect them too much.
"While we were surprised to hear that just over half of people aged 60+ had life insurance, we are finding that over-55s are increasingly looking for over-55 life insurance or funeral plans to cover the costs for when they pass on."
Via Cura, Moneysworth and The Insurance Surgery
In response to adviser feedback
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