| The Association of British Insurers (ABI) estimates | | | | life of the policy, so getting a more advantageous |
| that one in three Britons are without any form of life | | | | deal with more favourable premiums from the start |
| insurance, and of those that do have cover a further | | | | could save thousands over the life of the policy." |
| one in three may be under-insured. However, those | | | | However, a survey by Norwich Union showed that |
| headline figures don't show the full picture as many | | | | the opposite applies when it comes to those over 30 |
| industry experts believe the young to be more | | | | years old; they will shop around to make sure they |
| under-insured, and that may be because of the way | | | | have fully investigated the market before committing |
| that they buy life insurance. | | | | to a purchase. Norwich Union spokesman Darren |
| Recent separate surveys into the UK life insurance | | | | Dicks said: "As people get older they become more |
| market commissioned by Norwich Union and | | | | responsible. They also tend to have children from 30 |
| Sainsbury's Bank have highlighted that there may be | | | | onwards forcing them to think about things like life |
| a different approach between the generations when | | | | insurance." He believes that the combination of life |
| it comes to buying life insurance. | | | | experience and the need to provide for their children |
| The Sainsbury's Bank survey found that young | | | | means that the over-30s, on the whole, tend to be |
| people tend not to shop around when it comes to | | | | more financially aware. As a result they will take time |
| buying life assurance and the majority simply choose | | | | to compare life insurance policies and the benefits |
| to go with their mortgage provider. The reason given | | | | that they offer, as well as the premiums charged. In |
| for this appears to be a form of attrition; that they | | | | addition, as people get older they also tend to have |
| are already so worn out and over-whelmed by the | | | | more experience of buying financial services and |
| house-buying process that they readily agree to the | | | | have more confidence in shopping around to find the |
| cover offered by their lender; it is an easy option as | | | | best deal. |
| they leave it to the lender to arrange all the details. | | | | However, despite the survey's findings Sainsbury's |
| But, taking this approach may not be in their best | | | | Bank estimates that UK mortgage-holders are |
| interest. A Sainsbury's spokesperson said: "Not | | | | currently under-insured by a staggering £2.3 |
| shopping around is a big disadvantage for younger | | | | trillion, and that can't all be down to people under 30. |
| people as premiums stay the same throughout the | | | | |