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Fortysomethings could save 50% on life insurance
Consumers could save up to 50% on their life insurance premiums by taking out policies in their forties rather than their fifties, research showed.
Data from Legal & General (L&G) Retail Protection found customers taking out life insurance for a 15 year period in their forties would pay around £25 a month towards their cover.
If they waited until they were in their fifties they would pay double with their premiums reaching more than £60 a month. Similar savings can be made for couples who are in their forties compared to couples in their fifties.
L&G said the cheapest time to take out cover is in your twenties with premiums for a 25 year old non-smoker taking out life insurance starting at under £10 a month and less than £15 a month for a couple in their twenties.
Both these figures will rise significantly as people get older making it more cost-effective for people to take out insurance earlier in life, the research said.
Duncan Finch, managing director of retail protection for L&G said: “The benefits of taking cover out early are clear – peace of mind and less of an impact on the wallet. If you’re looking to take out cover to protect your family, the earlier you do it, the better – and the more cost-effective – it will be.
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“Saving 50% by insuring before 50 makes sense for hard-pressed British families.”