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 2018 Stats

Only 60% of households with a mortgage have life insurance
Royal London - State of the Protection Nation

Average funeral cost is £4000
Money Advice Service - How much does a funeral Cost?

with costs increasing by 70% over the last decade.
Sunlife - Cost of Dying Report

98.0% of claims paid at £7.6m per day in 2017
ABI - 2017 Insurance Payout Statistics

Cost
Quote obtained on 07/01/2019 for a 50 year old male (DOB 01/01/69) 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 300,000 people in the UK had income protection cover
ABI - Key Facts 2018

As of 2018 the current level of SSP is £92.05 per week
GOV.UK - Statutory Sick Pay

Compared to the £300 per week living wage
GOV.UK - Minimum and Living Wage Rates/

Each year, almost 1 million workers are unable to work due to sickness or injury
DWP - Long Term Sickness Absence

In 2017, 87.2% of income protection claims were paid out to the tune of £604million.
ABI - 2017 Insurance Payout Statistics

Cost
Quote obtained on 08/12/2019 for a 50 year old male (DOB 01/01/69) to age 67 on £24k per annum paying £1200 per month LV= quoted £25.33 per month. Quote obtained on 08/01/2019 for a 30 year old male (DOB 01/01/89) 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 between 45 and 50
Aegon Claims Stats 2017
AIG Claims Stats 2017
Aviva Claims Stats 2017
Legal & General Claims Stats 2017
LV= Claims Stats 2017
Old Mutual Claims Stats 2017
Royal London Claims Stats 2017
Scottish Widows Claims Stats 2017
Vitality Claims Stats 2017
Zurich Claims Stats 2017

The average payout was £73,000
ABI - 2017 Insurance Payout Statistics

In 2017 UK insurers paid out 92.2% 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 - 2017 Insurance Payout Statistics

Cost
Quote obtained on 07/01/2019 for a 50 year old male (DOB 01/01/69) for £150k LTA life and £50k CIC to age 70 AEGON returned a quote of £66.55 per month.

Quote obtained on 07/01/2019 for a 50 year old male (DOB 01/01/69) for £50k CIC to age 70 AEGON returned a quote of £48.88 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 £7,926 as of October 2018
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 at the end of 2016/17 was £16,849
The Money Charity - 2017 Stats

the average funeral can still set your loved ones back by £3700
Money Advice Service - How Much Does A Funeral Cost

According to a 2018 Royal London report only around 60% of UK adults with a mortgage have life cover
Royal London - State of the Protection Nation

With 11.1 million of the 14.4 million properties in home ownership being mortgaged, that’s over 4.4 million homes without sufficient cover in place
The Money Charity 2018 Stats
English Housing Survey - Home ownership 2016-17

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