Women are twice as likely not to own a life insurance policy as men, according to the
Those without life insurance coverage include more than 33% of those aged 55 or over, 5% of Millennials and 17% of Gen Z individuals. Just over a third, 36%, of respondents said they know what their life insurance or pension pay out will be, and 27% said they are unsure what will be paid out. The gender gap is also evident in this data, with 29% of women versus 44% of men understanding their life insurance or pension payout.
"This report shows what many of us in the industry already believed; we don't do a good enough job in educating people about life insurance, what it is, what it is used for, its benefits and its role in estate planning and retirement," said UK Life Insurance spokesperson. "Life insurance can be very affordable for most people and can give families real peace of mind to protect their loved ones financially if the worst were to happen. Also, different products can provide personalized solutions to fit people's goals and aims."
Nearly a fifth of respondents, 18%, do not know or are unsure of what life insurance is, including 25% of those 18 to 24 years old. According to the survey, just less than half of individuals say they have been educated about life insurance, and 29% of women and 18% of men responded that they have never been educated on the subject. Half of those surveyed believe that they cannot afford life insurance, of which about 20% of female respondents said so compared to 10% of male respondents. Fourteen percent would not know how their family would be able to afford their house or pay bills in the event of their death, which rose 20 points in those aged 35 to 44 and 17 points in 45 to 55 year olds.
