Savings trump life cover for over 50s during pandemic

OneFamily survey

John Brazier
clock • 2 min read

Research shows that only one-in-three over 50s were covered by life insurance throughout Covid-19 pandemic year

The results of a survey of over 2,000 UK adults over 50 years of age, conducted by Opinium in January and February this year, show that just over half of respondents (52%) prioritised putting money into savings instead of paying for life cover. Despite these varying levels of coverage, three in 10 over-50s stated that it was "more important than ever" to have life insurance in place, rising to 47% among those with a mortgage still to pay, indicating that still having costs to pay on a home is a key factor in the decision. Cost was stated as factor for one in eight (13%) who struggle t...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Financial situations have worsened for one third of adults

Financial situations have worsened for one third of adults

SJP research found

Jaskeet Briah
clock 06 March 2025 • 3 min read
The COVER Review: Claims statistics, a market entrant and protection sales

The COVER Review: Claims statistics, a market entrant and protection sales

Week commencing 24 February 2025

COVER
clock 03 March 2025 • 1 min read
One in 10 adults unaware of their monthly spending

One in 10 adults unaware of their monthly spending

Compare the Market research

Jaskeet Briah
clock 28 February 2025 • 2 min read