Life insurance is not been taken up by many young people in the UK, new research has suggested.
A recent report from Lifesearch revealed that just 3.5 per cent of its protection policies were purchased in February 2010 by people under 25.
The number of young people taking up policies such as
life insurance, critical illness and income protection remains low, a trend which has emerged over the last year.
Such protection is still being widely ignored, despite such insurance often being cheaper for young people due to the likelihood of them being relatively healthy.
Matt Morris, policy adviser at LifeSearch, said the industry is not sufficiently promoting the message of how important it is for the young to protect their finances.
"Often they either buy no financial protection at all or rely on the internet to get the best deal. That might work with
car insurance, but not with financial protection," he explained.
However, the study did indicate that young people were still taking up policies for critical illness and income protection cover in slightly higher numbers.
According to the figures, 6.1 per cent of these policies were sold to the under-25s in February.
