Figures released by the ONS show that people in the UK spend more per week on chocolate and mobile phone charges than they would on life insurance. This shocking statistic is extremely worrying because it suggests people in the UK are avoiding the need to plan for the worse. In Australia, there is an emphasis on special risk managers seeking out people with certain health conditions to ensure they are covered.
Life insurance comparison website Compare Cover has analysed the latest Office of National Statistics Family Spending data and found that on average Brits spend more on takeaways, mobile phone subscriptions and pets than they would on insuring their lives.
It can cost as little as £5 a month** for life insurance, that’s around £1.25 per week, yet on average in 2015/16 the UK population spent £45.10 a week on restaurants and hotels, £3.40 a week on satellite subscriptions, £2.80 a week on cigarettes and £1.90 a week on chocolate.
There are even sites like Discountlifecover.co.uk that find the best life insurance offers for you so you don’t need to do anything! It’ll get you the best insurance price without you lifting a finger but yet people choose not to use it for some reason.
Mike Preston, Business Development Director at Compare Cover, said: “Compare Cover is a life insurance comparison website so we decided to compare the average weekly spend for a UK family with the cost of life insurance. The results make really interesting reading – for instance, in the UK we spend nearly as much on takeaways per week (£4.70), as it could cost someone per month (£5**), to protect their family should the worst happen.
“At Compare Cover, we realize that talking about what financial provisions are in place should someone pass away isn’t the most attractive subject, but when you compare that we spend £1.40 per week on tea and coffee and that it would cost around the same to safeguard our families’ future, we think it’s an important subject to highlight.” He states that he hopes that showing how little it would cause to buy life insurance would help people consider the option, and if one family decides to learn more here and now after reading about their findings, it would be a win in his book.
Getting the right life insurance policy is very important for you and for your family, it doesn’t just apply to people in England but people all around the world, from finding the best life insurance England, all the way to finding the best life insurance canada, do your research and get yourself protected and secure against anything that may happen.
