10 January 2017

Three reasons why many parents don’t have life insurance

Are you a mum or dad without life insurance? You’re not alone.

Curious to find out why that was, we spoke to 1,000 parents without a life insurance policy. 

The results of our poll made for interesting reading. Around 80% of parents we asked believe planning for the future is important, and many agree a life insurance policy could help protect their family. 

So, why are there so many people without cover? Our poll unearthed three significant answers to that question: 

1. Life insurance is too expensive

Most of the parents polled acknowledge the benefits of a life insurance policy, 51% of parents believe it’s too expensive to even consider. But it could be worth thinking about sooner rather than later as the cost of life insurance usually increases as you get older. Depending on your circumstances and needs, a life insurance policy could be cheaper than you think. For example, our life insurance starts from just £6 per month, which is equivalent to around 20p per day.

2. Taking out a policy is too complicated

As a parent, you value what little free time you have, and you probably don’t want to spend it filling out long-winded forms. 

This sentiment came across in our findings, with a number of mums and dads believing that taking out a life insurance policy would be complicated and time-consuming. In fact, this was the third most-cited reason parents gave us for not taking out a policy.

However, taking out a policy can be pretty easy. For instance, our online quote system can get you a life insurance quote in under 2 minutes and you’ll get an instant online decision if you decide to apply. You can even save your progress and return to it later on.   

3.  Too young to think about life insurance

Despite a strong desire to protect their family’s future, many parents haven’t thought about the financial implications death could have on their loved ones. 

Many parents simply don’t believe they’re old enough to worry about death, with 20% of parents under 35 telling us they felt too young to think about Life insurance at all. 

For many parents, it would take an unforeseen jolt to make them rethink their stance on life insurance. In fact, 22% of those we spoke to believe that if they or their partner fell ill, they’d consider taking out a policy. 

Life insurance could put your mind at ease when it comes to helping to protect your family's future.

Find out more about Legal & General Life insuranceWe're the UK's No1 Life insurance provider.*  

References

* Based on new individual life insurance sales in 2016, Term & Health Watch report 2017, Swiss Re

Poll conducted in January 2017 with 1,000 parents from around the UK.