Research by Vitality has found that young adults aged 18-34 were the most likely age group to cancel a life insurance policy but also the most likely to purchase one following a big life event.
The research, which was conducted among 2,000 UK adults, found that while most people who have life insurance have not considered cancelling (87%), of the 13% who did consider it, 18-34 year olds were the most likely to consider this option (27%), followed by 35-54 year olds (10%) and over 55s (9%). Overall, 9% of respondents cancelled their policies within the last year, and this same group of young people made up 16% of that group, compared to 9% of 35-54 year olds and 6% of over 55s. The main reasons young adults would cancel a policy were external influences including job loss (17...
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