Life Insurance -
Norwich Union: 'Some time' before adults take out life insurance - 19/10/2007
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Life insurance is generally taken out later in life and is steered clear from by the young, life insurance provider Norwich Union said today.
Young adults who have taken out mortgages tend to concentrate on their home payments rather than taking on extra insurance, the firm added.
This is despite mortgages generally providing the "biggest trigger" to taking out life insurance cover.
"It comes down to needs," spokesperson for Norwich Union Darren Dicks commented.
"Certain things can trigger life insurance, making it register that it is worth spending the extra £10 or more per month to cover yourself in case anything happens, and so that your wife and kids will be alright."
Naturally, as most young adults will not have such concerns, the life insurance customer base "is a bit older", Mr Dicks confirmed.
"People tend to want to have experienced financial services for some time before they start buying things like life insurance."
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