63% of the UK don’t have life insurance

63% of the UK don’t have life insurance

September 13, 2023

If the unthinkable suddenly happened to you, would your loved ones be left struggling financially?

The answer may be a resounding ‘yes’ for a staggering 63% of the UK*. This vast majority find themselves without the protective umbrella of life insurance.

Why do you need life insurance?

Life insurance goes far beyond just a contractual agreement. It’s a commitment to the future and something you can count on in changing times.

Envision the peace of mind of knowing that even when you’re gone, your loved ones’ financial needs are secured. Life insurance is a proactive step in ensuring your loved ones’ dreams of education or homeownership can remain unaffected by money worries.

What would the 63% do?

Diving into the 63% statistic begs the question: Why have so many in the UK bypassed this importance of life insurance?

Is it a misjudged perception of its expense? A misunderstanding of its role in today’s world? Or perhaps it’s the uneasy task of facing our own mortality? Whatever the reason, the long-term ramifications of not having life insurance might be far more taxing.

Life insurance isn’t just about covering funeral costs or paying off outstanding debts. It’s about peace of mind, ensuring your family has the financial wiggle room to navigate life’s challenges, pay for their education, and help maintain their standard of living.

What’s your priority?

You’d protect your pet with an insurance policy, as well as your phone. In fact, you can pretty much get insurance for anything these days. But all too often, life insurance seems to be put at the bottom of people’s lists.

Think about it like this: who would pay for everything anyway if you were no longer here? Plus, unlike other types of insurance, life insurance is one of the only types of insurance where you can lock in your price.

Take action now

If you’re among the 63% without life insurance, change is not just necessary but crucial. There are a million and one reasons why life insurance should be on your radar.

But if one of the reasons you’ve been putting it off is the price, then you should know that sorting your cover sooner rather than later could make all the difference, as life insurance is normally cheaper when you’re younger.

Who needs a life insurance policy?

Unlike other types of insurance, like car insurance, life insurance is not a legal requirement. As a result of this, so many people assume that life insurance is optional.

But that couldn’t be further from the truth. With a term life insurance policy, you’ll have peace of mind that your loved ones will have the money they need to get by if the worst happens.

What we do

At The Official Mortgage Company, our mission is all about making life insurance easy. Navigating the world of insurance can often feel like a maze, but consider this your sign to start your life insurance search.

*Direct Line Group

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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