10th June 2013
Both men and women have increased the amount they typically insure themselves for in the past year according to Scottish Provident.
Men in their 30s have increased the amount they insure themselves for by 20%. While those in their 30s lead the way, those in their 40s and 60s have also increased their level of cover by 10%. However, men in their 50s have increased cover by just 6% (£318,736 – 2011, £337,630 – 2012) while the amount that women in this age group value themselves at has actually fallen by 8% in the past year (£224,660 – 2011, £207,490 – 2012).
Average Scottish Provident sum assured for Life Assurance (figures in £s) – 2011
Average Scottish Provident sum assured for Life Assurance (figures in £s) – 2012
Ian Smart, head of product development, at Scottish Provident, says: “We have seen a trend over the past year with both men and women increasing the level of cover they have in place, particularly at the younger end of the age spectrum. Men in their 30s have typically increased the amount they value themselves by a fifth (20%) while women have seen an increase of 10%. This is the age at which many people purchase their own home and start a family. It is therefore only natural that they will also consider whether they have sufficient financial protection in place to safeguard these major events.”