· Almost half (48%) of adults between 18-40 do not have life insurance
· 29% of people without life insurance say they can’t afford it and 20% say the cost-of-living crisis means they have no spare money
· Of those who cancelled their life insurance policy, individuals point to rising costs of food (38%), energy (36%), rent (26%) and inflation meaning all costs are higher (33%)
· Single mum, Sevrine Ness, explains why she prioritised taking out life insurance to protect her eight-year-old daughter, Aurora, despite the cost-of-living crisis and rising bills
Almost half (48%) of adults between 18-40 say they do not have life insurance, as rising costs are forcing people to make difficult decisions about their budgets.
Just under a third (29%) of 18-to-40-year-olds don’t think they can afford life insurance and one in five (20%) say the cost-of-living crisis means they have no spare money.
But single mum Sevrine Ness (35), explains why having life insurance to protect her eight-year-old daughter, Aurora, is a priority, despite the cost-of-living crisis and rising bills. She says her Beagle Street policy has given her peace of mind Aurora will always be safe and looked after.
Of the 2,000 people interviewed in a recent survey on behalf of Beagle Street, the most common reasons people cancelled their life insurance policies were rising costs of food (38%), energy (36%), rent (26%) and salaries not keeping track with inflation (26%).
Individuals with life insurance have highlighted why they decided to take out their policy in the first place. More than half (53%) say the purpose of their life insurance is to provide a lump sum to support their family if they died, 39% say it would be to pay off their mortgage and 27% say it would cover the cost of a funeral.
Sevrine, who lives in Dereham with her daughter Aurora, said, “I became very ill last year and thankfully recovered, but it made me think about Aurora’s future. As a single parent, it was such a scary situation and I became anxious about Aurora if anything were to happen to me. That’s why I decided to take out £500,000 worth of life insurance with Beagle Street. Obviously, I’m still here and plan on being here for a long time, but now I have peace of mind that, if anything were to happen, Aurora would be safe and well looked after.
“Like everyone I’m feeling the effects of the cost-of-living crisis. I’ve had to cut back on some expenses, with the rising prices of food and energy, and have had to fit the life insurance cost into that, but in the long-term it is worth it. I would do it all over again.”
Alistair Rose, the Managing Director of Beagle Street, said, “The cost-of-living crisis is affecting all of us and it’s forcing people to make incredibly difficult decisions around their budgets. This research highlights that the current economic situation isn’t just affecting day to day financial choices, but also difficult decisions that will have a lasting impact on entire families.
“We understand the pressure that people are under, but also know the importance of protecting our families if the worst was to ever happen. That’s why we’re committed to making sure all our products – including life insurance for 18-40s – are accessible to everyone, particularly during these difficult times.”
Beagle Street specialises in affordable, simple to purchase life and critical illness cover. Its products are designed for people who know they need to protect their families but are put off by the expense, complexity and the time it usually takes to buy life insurance. With a range of different life insurance options to choose from, Beagle Street life insurance policies start from less than £6 per month*.
