Young people in the UK are being urged to take out life insurance policies before it’s too late. Taking into account the current economic climate and the unstable nature of many employments experts believe that the under 30’s are missing out on a valuable commodoity.

For instance, Protection specialist, LifeSearch has deduced from its research that only three per cent of all policies sold were to those under 25.

This is apparently a grave error by the nations youngsters as insurance is usually much cheaper and easier to obtain at this age than waiting till your hair begins to grey.  

Specific

"Clearly more effort needs to be made to reach younger people. Many younger people have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work. Often they either buy no financial protection at all or rely on the internet to get the best deal. That might work with car insurance, but not with financial protection."

Top tips have been released listing the reasons why insurance should be a must have for those with the rest of their lives in front of them in a desperate attempt to reverse public opinion.

The under 30’s are advised that taking out a life cover amounts to a type of forced savings. In other words, a lump sum amount is lined up without the hassle of actually saving for it.  

Youngsters have also been advised of the lower premiums for such cover, the almost certain chance that they will be accepted onto a plan and the advantages of purchasing a cash-value life insurance.

Despite the warnings, young people are perceived as potentail lost leads as their ‘‘it’ll never happen to me’’ attitude dominates most of their thinking.

When it comes to insurance, many under 30’s may invest in car, home and even mobile phone insurance, but may see life insurance as a waste of time.

Not Priority

Life insurance is actually  way down on the list of the average young UK consumer’s priorities, as many refuse to cut back on their monthly expenditure rather than purchase.

Zurich Life state that despite the precarious financial and economic plight suffered by many, life insurance protection is still not something which is top of the priorities list.
Protection development director of Zurich UK Life, Peter Hamilton, commented: "In this turbulent economic environment, consumers need professional financial guidance more than ever to help them make informed choices about their financial needs, as well as understanding the long term implications of decisions made today."