Life and Income Protection Insurance Statistics

Below are sources for the Life and Income Protection Insurance statistics we have used for our advertising collateral.

LIFE INSURANCE IN NUMBERS

£125,860 currently owed by the average household with a mortgage
The Money Charity 2019 Stats

Only 58% of households with a mortgage have life insurance
Finder - Life Insurance Statistics

Average funeral cost is £4,267
Money Advice Service - How much does a funeral Cost?

with costs increasing by 122% since 2014.
Sunlife - Cost of Dying Report

97.6% of claims paid at £14.5m per day in 2018
ABI - Protection payouts see insurers support record numbers through bereavement, sickness and injury

Cost
Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) for £150k LTA life only to age 70 AIG returned a quote of £23.32 per month and LV= returned a quote of £23.54 if accepted at normal rates.

INCOME PROTECTION COVER

In 2017 only 200,000 people in the UK had income protection cover
ABI - Key Facts 2019

As of 2018 the current level of SSP is £94.25 per week
GOV.UK - Statutory Sick Pay

Compared to the £307.88 per week living wage
GOV.UK - Minimum and Living Wage Rates/
Based on £8.21ph for a 37.5 hour week

IN 2018, over 1 million workers are unable to work due to sickness or injury
DWP - Long Term Sickness Absence

In 2018, 88.1% of income protection claims were paid out to the tune of £648million.
ABI - Protection payouts see insurers support record numbers through bereavement, sickness and injury

Cost
Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) to age 67 on £24k per annum paying £1200 per month LV= quoted £26.22 per month. Quote obtained on 18/12/2019 for a 30 year old male (DOB 01/12/89) to age 67 on £24k per annum paying £1200 per month LV= quoted £9.45 per month.

Providing protection and insurance for you and your family

CRITICAL ILLNESS EXPLAINED

In 2017 the average age of a claimant was 49.89
Aegon Claims Stats 2018
AIG Claims Stats 2018
Aviva Claims Stats 2018
Legal & General Claims Stats 2018
LV= Claims Stats 2018
Old Mutual Claims Stats 2018
Royal London Claims Stats 2018
Scottish Widows Claims Stats 2018
Vitality Claims Stats 2018
Zurich Claims Stats 2018

The average payout was £70,925
ABI -  Insurance Payout Statistics

In 2018 UK insurers paid out 91.6% of critical illness claims at a cost of £1.16bn. This has increased from 80% since 2005 due to the ABI code of practice.
ABI -  Insurance Payout Statistics

Cost
Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) for £150k LTA life and £50k CIC to age 70 AEGON returned a quote of £67.61 per month.

Quote obtained on 18/12/2019 for a 50 year old male (DOB 01/12/69) for £50k CIC to age 70 AEGON returned a quote of £48.84 per month if accepted on normal terms.

AVOIDING LIFE INSURANCE SHORTFALLS

The average household in the UK has consumer credit debt to the value of £8,088 as of December 2019
The Money Charity - Money Statistics

In 2017/18 121 of the 123 higher education institutions with access
agreements are planning to charge a maximum headline fee of £9,250
UK Parliament Research Briefing

The average debt per student in December 2019 was £35,950
The Money Charity - 2017 Stats

the average funeral can still set your loved ones back by £4,267
Money Advice Service - How Much Does A Funeral Cost

According to a 2019 report only around 58% of UK adults with a mortgage have life cover

Finder - Life Insurance Statistics

With 10.96 million of the 14.8 million properties in home ownership being mortgaged, that’s over 4.6 million homes without sufficient cover in place
The Money Charity 2019 Stats
English Housing Survey - Home ownership 2017-18

As of October 2018, the average household in the UK had debts of £59,288.
The Money Charity 2018 Stats