Three quarters of Over 50s don't have life insurance: OneFamily

Funeral cover a primary driver for purchase

John Brazier
clock • 1 min read

Research from OneFamily has found that three in four (72%) of Over 50's don't have life insurance cover in place, representative of 20 million people in the UK.

The research also found that nearly half (44%) of those with Over 50s life insurance purchased the product for funeral cover. However, just 19% of Over 50's said their funeral could be fully or partially paid for by life insurance, according to the provider. More than eight million Over 50s have not put any money aside to specifically cover their funeral costs, with 13% admitting they don't know how their funeral will be paid for, 14% leaving their family to use money from the sale of their assets, and 3% relying on loved ones to pay. OneFamily stated that as funeral costs continue...

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