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Brits over-estimate the cost of life cover

Article by Simon Christopher
Posted: 27/8/2008 - Last updated: -
Rating: 2.00 2.00 (1 votes)

A recent survey commissioned by Legal and General life insurance has revealed that Brit's could be neglecting to protect themselves financially because they over-estimate the cost of life cover.

Legal & General is concerned that people might avoid taking out protection because consider it is too expensive. The survey showed that 65% of thosed polled over-estimated the cost of a £150,000 life insurance policy with 35% over-estimating the cost of including critical illness cover as an option on the same plan.

According to L&G, £150,000 of level term assurance over 25 years for a healthy, non-smoking man aged 25 would cost just £8* per month. Of those surveyed by L&G, 24% expected it to cost between £11 and £20, 18% thought that it would cost £21 - £30 and 22% thought over £30 for the same policy.

Commercial Director for Housing at Legal & General, Karen Blatchford, commented: "Life cover can start from as little as £6 per month, which even families on a very tight budget may be able to afford. We’re concerned that two-thirds of people are over-estimating the costs of protection."

* Based on Legal & General Direct rates as at 15 August 2008.

PLEASE NOTE: News items are intended for information only and should not be relied upon when making insurance decisions. Due to their nature, some of the information in these news stories including any references to taxation, legislation, regulation, or other issues may no longer be current.

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