While it’s true that life insurance costs depend largely on your individual circumstances, that’s not to say you can’t find ballpark figures to guide your decision-making process. In fact, MoneySuperMarket has analysed its own data about purchasers of life insurance who came through their site. The results are really quite instructive and might come as a surprise if you thought you couldn’t afford life insurance, as Acumen explains.
Over the course of 2020, Ewloe-based comparison site MoneySuperMarket aggregated data based on purchasers of level term, life-only (without critical illness cover) single person policies with £100,000 cover. They found that the average cost of life insurance was £5.80 for those aged 18-29, £7.92 for those aged 30-39, £13.12 for those aged 40-49, £24.81 for those aged 50-59 and £43.46 for those aged over 60.
Surprising isn’t it?
Life insurance cost comparison
Now, let’s put those life insurance costs into perspective…
Life insurance is unlikely to be on the radar of most 18-29-year-olds but it certainly pays to start young. If you fall into that age bracket and, for argument’s sake, buy three Lotto tickets a month, you could put that money towards protecting your future family’s wellbeing with a guaranteed windfall when you die. By comparison, you have a one in 45,057,474 chance of winning the Lotto jackpot. Need we say more?!
Perhaps you’re a 30-something whose saving grace through lockdown has been TV streaming services. You and us both! But, if you’ve found yourself subscribing to several different services at once, are you really getting the best value for money? Amazon Prime costs £7.99 a month. If you could live without it that money could go towards protecting the family you might by now have started or begun seriously contemplating.
Another undoubted pleasure during the monotonous months of lockdown has been the occasional tipple. As a nation of imbibers, we’ve certainly found solace in our favourite wines and beers. Waitrose reported a 49% increase in beer sales and 27% increase in wine sales during the first week of the latest lockdown. But one fewer bottle of nice wine each month could make a huge difference towards your family’s future wealth.
Exercise is important, especially during lockdown. The long-term benefits for mind and body are irrefutable. If you were itching to get back into the gym once restrictions eased, very well done to you! If, on the other hand, your motivation had waned long before the pandemic arrived, perhaps it’s time to take action. Why not realise the dual benefits of exercising outdoors for free and putting the savings towards a life insurance policy?
Many people’s lives become paradoxically busier in retirement. Newfound freedoms allow copious time to enjoy hobbies and interests, family and travelling. Although many of these pleasures have been curtailed of late, there’s still so much to do each day. If you’re a fan of time-saving meal subscriptions, reverting to supermarket deliveries and taking up cookery could free up the funds needed to safeguard your family.
Contact Acumen today
As you can see, life insurance is affordable for most people. Often, it only takes some very minor lifestyle tweaks to find the necessary funds needed to give you and your loved ones priceless peace of mind.