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Over-65s pay twice as much as millennials for life cover

Research shows benefits of taking cover out early

People who are aged over 65 can expect to pay around twice as much as millennials for life insurance, research suggests.

Figures from comparethemarket.com reveal people aged 25 to 34 can expect to pay a little over £15 a month for life insurance, whereas over-65s pay almost double at just over £27.

On a regional basis, premiums are highest in Greater London, at an average of £22, reflecting high property prices. They are lowest in the North East at £15.

Almost eight in 10 purchases are for level term cover and the rest are for mortgage protection.

Kamran Altaf, head of life insurance at comparethemarket.com, said at a young age it is easy to ignore life insurance because it can seem irrelevant to one’s current financial circumstances.

“However, there are lifelong savings available to those willing to get ahead of the curve and take out a policy early,” he stated. “Life insurance can offer invaluable financial protection for your loved ones should disaster strike, so it is always worth taking out cover regardless of your current age and life stage.”