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Younger people shun life cover while older people can get covered According to recent research a large and growing number of young people are failing to see the benefits of life insurance cover, and are choosing to neglect investing in such financial protection policies. The life insurance provider, LifeSearch, has urged that more needs to be done to highlight the benefits of financial protection to Britons under the age of 25-years. The insurance provider has suggested that young consumers do not invest in financial protection products, despite often having outstanding debts and mortgages. A life insurance policy can work to provide financial assistance, if a person becomes unable to support their family financially, should they become unwell or unemployed. Younger people are shunning life cover Figures released by the firm indicated that only three per cent of policies written during 2008 were for customers aged 25-years or under. This is despite an overall increase in business of 20 per cent across the same time period. LifeSearch saw a net increase in critical illness cover of 37 per cent, while the number of life insurance policies taken out with the company rose by 13 per cent. Matt Morris, the policy adviser at LifeSearch, stated that the data suggests providers need to reach out to young customers, especially as life insurance, critical illness cover and income protection are often cheaper for those aged under 25. He said: "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." LifeSearch revealed that a healthy non-smoking male aged 25 could take out life insurance for as little as £6.20 per month. This compares to £10.50 if the policy was purchased at age 35.
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