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A third of adult British citizens cannot afford life insurance

A third (29%) of British adults (aged 18 to 40) cannot afford life insurance, according to a new study by Beagle Street, reports Cover Magazine.
A third of adult British citizens cannot afford life insurance

The study was conducted among 2000 respondents. The survey showed that 48% of people in this age group had to give up life insurance policies; the main reasons for refusal being rising food costs (38%), expensive utility rates (36%), higher rents (26%) and low wages (20%).

More than half (53%) of those with life insurance policies bought insurance that provided for the family after the death of its breadwinner, 39% took out a policy when buying a property with a mortgage, and the rest purchased a post-mortem product that covered the funeral expenses of the family.

Source: https://www.covermagazine.co.uk/news/4120556/adults-aged-afford-life-insurance-beagle-street

Photos are from open sources.

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