Going without a daily coffee is more than my life is worth
New research from Confused.com has revealed that only four in ten adults have life insurance, with 30% of people claiming that they don't have it because they can't afford it. Worryingly, of those without life insurance, 35% have children and 69% are in a relationship, meaning loved ones would be left financially disadvantaged should the worst happen. With life insurance available from just 17p a day, the comparison site has found that in fact it's more a question of prioritisation than affordability. Research has shown that of those without life insurance:
76% spend money each month on their mobile phone
Tariffs are available from £5 a month for a basic phone, £25 per month for an iphone 4 (if you pay extra for the handset) and £45 per month for an iphone 4 with free handset - significantly more than life insurance
11% spend money each month on mobile phone insurance
7% buy a posh coffee or tea every day at work
A Starbucks filter coffee costs £1.80 - that's over 10 times more than a life insurance policy
55% buy new clothes every month
27% spend money every month on music and dvd downloads
Recent release Letters to Juliet on itunes is £9.99
17% pay a monthly gym membership fee
At fitness first monthly memberships are available from £35.95 per month
7% spend money on appliance insurance or extended warranties
16% buy lunch at work every day
A boots meal deal costs £2.99, £2.82 more than a day than life insurance policy
Matthew Lloyd, head of life insurance at Confused.com, said: "It's worrying that a third of people are blaming the cost for not having any life insurance when they spend so much money on other things, which are arguably less important than life insurance, each month. Any change in life circumstance, such as getting married or starting a family should be a trigger for reviewing life insurance needs, and it's a concern that so many people without insurance are in these groups. Life insurance isn't expensive, and a small sacrifice, like giving up a posh coffee once a week, could make a big difference in the event that the worst happened."