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Over 50's plans are suitable for people with pre-existing medical conditions

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Are young people considering protection?

12th March, 2019

Are young people considering protection?

Experts are always keen to point out that the younger you buy protection the better. Not only is it a smart choice, it can also mean paying less on your premiums. But according to research by provider Royal London, advisers are still struggling to attract clients under the age of 35.

75% of Independent Financial Advisers said that younger people are dealing with their protection needs too late in life. 87% agreed that Income protection especially is drastically undersold in the UK. Over half surveyed highlighted that there was still a lack of awareness around protection.

When it comes to consumer objections, it is clear where priorities currently lie with the younger generation. Although deemed by many to be too expensive, the average premium cost half the average gym membership, which is a common monthly outgoing for young people.

Many advisers were keen to point out that the Gig Economy and self-employed are especially key areas in which to attract more customers. These young people are particularly vulnerable if they have irregular work patterns, or do not have an employer who can pay sick leave if they are unable to work for any reason.

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