More young people need to buy life insurance deals

Increasing numbers of young people need to make sure they have a life insurance policy in place, one insurer has claimed.

According to LifeSearch, a life insurance specialist, its figures for 2008 show 3% of the policies it sold during 2008 were for young people aged 25 and under.

The firm stated that young consumers could take out life insurance, critical illness and income protection, three policies which would be less expensive for young people because of their age and better health.

Matt Morris, a LifeSearch policy adviser, said more effort needs to be made to impress the importance of life insurance on younger people.

He stated: "Many younger people have debts, mortgages and families that need financial protection in the event of the main income provider being unable to work. Often they either buy no financial protection at all or rely on the internet to get the best deal."

Previous research from LifeSearch revealed that the price of life cover has fallen by as much as 40% during the past two years.