Third of adults aged 18-40 can't afford life insurance: Beagle Street

Half don't have life cover

Jaskeet Briah
clock • 1 min read

Almost one third (29%) of adults aged between 18-40 cannot afford to take out life insurance, according to new research by Beagle Street.

Research among 2,000 UK adults aged between 18-40 found that nearly half (48%) of this age group did not have life cover, with 20% of adults reportedly having no money to spare with the ongoing cost of living crisis. Primary reasons for adults who cancelled their life insurance policies were the rising costs of food (38%), energy (36%), rent (26%) and salaries not keeping track with inflation (26%). For those who did have life insurance, over half (53%) said they took out cover to provide a lump sum to support their family if they died, while 39% took out cover to pay off their mortga...

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