Are twenty-somethings valuing their lives enough?

Men aged between 35 and 42 are the most typical applicants for life insurance policies, according to a new study of life insurance enquiries by insurance comparison website, Insurancewide.com.

The research looked at 4,000 customers’ online requests over the last 9 months.

Up to the age of 28, equal numbers of both women and men look for a policy. However, from age 28 onwards, between 65% and 70% of enquiries are from men. Additionally, as many as 40% of applicants are now going online to seek critical illness cover to protect their income against illness.

“Perhaps surprisingly for thirty-somethings, by far more men than women are applying for life insurance cover,” says James Harrison, chief executive of Insurancewide.com. ”In the forties and fifties age brackets, men are also by far the most likely to apply.”

“It’s encouraging to see that people in their late twenties are investing in their future but we would urge people to start buying policies at an earlier age if they have debts, a mortgage and dependants or are self employed. Life insurance is designed in various formats to provide those who depend on you for their wellbeing with an ongoing income if you die or contract a critical illness and to prevent your family bearing a huge financial burden as a result of your premature death. A life insurance policy will also provide emergency support for any legal, medical and funeral costs. A critical illness policy will cover you if you’re unable to earn your usual income for an extended period due to illness.

“The internet is an efficient, time-saving way to start your research even if you end up completing the process by phone, which can sometimes happen if you have particular health risks that require further discussion with an insurer or broker. But whatever means you use to search, it pays to start early. Your life is constantly changing - you may have recently bought a house, got married, had children, or become self-employed. Life insurance is certainly not a top priority for most twenty-somethings but when you stop and look at the cost you’ll see that it pays to start buying a policy as early as possible where there is a genuine need. “

Top Life Insurance Tips:

Start your search online to save time. A comparison website like Insurancewide.com will guide you to the most appropriate insurer for your circumstances.

If you decide to replace existing cover, make sure the new policy is up and running before you cancel the old plan.

Think carefully about the term of the cover which might be up to your intended retirement or until your children stop being dependent. This could be when they are 18, 21 or even later depending on the cost of their education and early career success.

If you have any health or lifestyle risks, for example existing medical conditions or an adverse family medical history, you will need a specialist insurance broker to help you find the most suitable insurer for your individual risk profile. MSN’s life insurance comparison service will help you identify whether you are likely to have a problem.

If you can give up smoking and any tobacco use for 12 months, most insurance companies will class you as a non-smoker. This one lifestyle change could save you up to 30% on premiums.