General

Miscellaneous & general financial information that you may find useful when dealing with certain life events.

It might not be something that you want to consider, but life assurance plays an important role in planning for your family’s financial future. 
 
How big is life insurance in the UK?
Life insurance falls under the broader category of protection insurance. Protection insurance includes life
insurance but also other types of insurance such as income protection and serious illness insurance.
  • 23.7 million protection insurance policies in place in the UK – 1.5 million fewer than last year.
  • 442,000 collective life policies – in addition to the 23.7 million protection policies already in place.
  • 2.5 million new collective and individual life policies taken out in 2018.
  • 11.6 million members of group life insurance cover of some form in the UK in 2018 – 500,00 fewer than last year.
Life insurance is a way of providing for your family’s financial future after you have passed – but how prepared is the UK?
We compared the number of households with mortgages to the costs of living.
  • 10.96m households in the UK have mortgages.
  • £131,724 average outstanding mortgage debt in November 2019.
  • £19,500 average price of household bills for a year.
  • £3,150 average food bill per house per year.
  • 42% of people with a mortgage have no life insurance in place.
  • £9,493 is the average cost of dying in 2020, 3.1% higher than in 2019

Only 50% of households with mortgages have life insurance.

Life insurance payout
Each policy taken out is unique – but how often do insurers typically pay out for life insurance and how much?
  • £5.3 billion paid out in protection policies in 2018.
  • 189,000 customers received compensation from policies.
  • £14.5 million was paid out every day of 2018.
  • £28,000 the average pay out of protection insurance policies.

97% of term life insurance claims were paid out in 2018.


Data collected from Finder https://www.finder.com/uk/life-insurance-statistics
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Data is compiled by Adviser Portals Ltd every 60 minutes. Information is not realtime. Last updated: 24/09/2021 at 07:00 PM