Below are sources for the Life and Income Protection Insurance statistics we have used for our advertising collateral.
LIFE INSURANCE IN NUMBERS
£117,162 currently owed by the average household with a mortgage
Only 50% of households with a mortgage have life insurance
Average funeral cost is £3700
98.2% of claims paid at £4.2m per day in 2015
Quote obtained on 05/12/2017 for a 50 year old male (DOB 01/01/67) for £150k LTA life only to age 70 HSBC returned a quote of £25.03 per month and LV= returned a quote of £25.79 if accepted at normal rates.
INCOME PROTECTION COVER
In 2015 only 300,000 people in the UK had income protection cover
As of 2016 the current level of SSP is £89.35 per week
Compared to the £300 per week living wage
Each year, 1 million workers are unable to work due to sickness or injury
In 2015, 91.2% of income protection claims were paid out to the tune of £131 million.
Quote obtained on 05/12/2017 for a 50 year old male (DOB 01/01/67) to age 67 on £24k per annum paying £1200 per month LV= quoted £25.33 per month. Quote obtained on 05/12/2017 for a 30 year old male (DOB 01/01/87) to age 67 on £24k per annum paying £1200 per month LV= quoted £9.45 per month
CRITICAL ILLNESS EXPLAINED
In 2015 the average age of a claimant was between 45 and 50
The average payout was £60,000
In 2015 UK insurers paid out 93.1% of critical illness claims at a cost of £1.13bn. This has increased from 80% since 2005 due to the ABI code of practice.
Quote obtained on 05/12/2017 for a 50 year old male (DOB 01/01/67) for £150k LTA life and £50k CIC to age 70 AEGON returned a quote of £70.59 per month.
Quote obtained on 05/12/2017 for a 50 year old male (DOB 01/01/67) for £50k CIC to age 70 AEGON returned a quote of £51.52 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 £6,889 as of June 2016
With over 50% of universities now charging the maximum £9000 a year fees
The average debt per student at the end of 2013/14 was £12,651
the average funeral can still set your loved ones back by £3700