Confused.com reveals 31% are too selfish to make partners and children financially secure when they die.
*More than 50% of people don't have life insurance
* 34% of people say they can't afford life insurance
* 31% of Brits believe life insurance is a waste of money
* 20% of people see an annual holiday as more important than life insurance
* 11% of the UK see covering their laptop as more important than life insurance
* 34% of people prioritise their valuables over their life
New research¹ from Confused.com has revealed that 50% of adults surveyed do not have a life policy in place, worryingly, of those without life insurance, 29% have children and 52% are married, meaning loved ones would be left financially disadvantaged should the worst happen.
So why are so many people choosing not to take out life insurance? 31% of people do not to take out life insurance because they don't benefit from it personally. In fact people in the UK are so laid back about future planning for their loved ones, 34% of people say that covering their possessions is more important than covering their lives.
Moreover, 20% would prefer to spend their money on an annual holiday and 11% see covering their laptop as more of a priority.
The research suggests a shift in UK mentality with more people opting to live for the moment, rather than thinking ahead.
However with life insurance policies costing an average of just £22.29 a month², it's not really affordability that should be questioned but our priorities.
Matthew Lloyd, Head of Life Insurance at Confused.com, said: "It's worrying that people are blaming cost for not having any life insurance when they spend so much money on other things, which are arguably less important than future planning for their loved ones."
"With over 50% of people not having life insurance and 56% of their partners not having life insurance this shows a worrying future for peoples loved ones. The benefit of life insurance is peace of mind - knowing your family will be looked after financially."
"An average life premium YTD is roughly 74p³ a day, which is loose change in many people's pockets, however 34% people say they can't afford it. Shopping around for the best deal available on comparison sites like Confused.com is essential in finding the right policy at the right price."
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