Life insurance remains a minority product in the United Kingdom according to a new survey.
A YouGov poll found only 45% of adults have life insurance cover. Among those who didn't have a policy, 39% said it was too expensive while 19% said they'd never given any thought to taking out the cover.
The survey gave further weight to previous research showing relationship status affects the likelihood of having life cover. 39% of divorced or separated people have life insurance, with the respective figures for those in relationships being 45% among those who cohabited but weren't married, and 55% for married people.
Beagle Street, which commissioned the survey, said concerns over cost could be misplaced. It said some policies had monthly premiums around the price of a cup of coffee in a high street chain, while noting that the average household has debts (including outstanding mortgages) of £55,000 that would still need paying if a wage earner died.
It also recommended couple consider taking two single policies rather than joint cover, saving on hassles in the case of divorce.