More than half of Brits have no idea what affects their life insurance premiums – with almost one in 10 believing you don’t need it if you’re single.
A survey of 2,000 adults revealed more than half (54 per cent) currently don’t have life insurance.
While not being able to afford it (32 per cent) was the top reason for not taking it out, more than one in 10 believe they are ‘too young’ to get it.
Others don’t think they are able to get life insurance or don’t need it as they aren’t the breadwinner in their household (eight per cent) or don’t have a young family to worry about (14 per cent).
And more than one in twenty believe you aren’t able to take it out if you are over a certain age as you are considered ‘too old’.
It also emerged one in 10 didn’t think you could get cover if you had pre-existing health conditions.
David Rees, chief operating officer at Smart Insurance, which commissioned the survey, said: “There are a lot of common myths around life insurance – understanding what it really is, what it costs and how it can provide for your loved ones is key.
“It’s so important to do your research and to be informed – you may think you don’t need life insurance if you’re single, or young and healthy.
“But life changes over time and taking out a policy now may help you secure cheaper premiums and give you peace of mind that you’re covered when those milestones occur.”
The study also found that of those who have taken out life insurance, a fifth claim it changed their lifestyle and saw them opt for a healthier outlook.
This included a third (32 per cent) who started drinking more water, 24 per cent who lowered their BMI, 21 per cent who joined a gym and 16 per cent who went vegetarian.
And one in three improved their diet after getting insured, while 27 per cent quit smoking and 21 per cent gave up alcohol.
The research, carried out via OnePoll, also showed only a third of respondents felt they knew enough about life insurance.
More than three in 10 (31 per cent) even said it’s a taboo subject that isn’t talked about enough within their family.
Those living in Northern Ireland (61 per cent) were most likely to have a life insurance policy, with those in the south east or Yorkshire and the Humber the least likely (both 40 per cent).
It is Londoners who claim to know the most about life insurance (43 per cent), while those in Yorkshire and the Humber are least likely to know enough (26 per cent).
David Rees added: “We know that thinking and talking about life insurance can be difficult, as it forces us to confront what will happen when we die.
“But securing life insurance now means your loved ones will be safe should the worst happen, so you don’t need to worry.”
Test your life insurance knowledge by taking our quiz here: https://www.smartinsurance.co.uk/life-insurance/life-insurance-myths/
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