A survey of 2,000 British adults aged 50 and over, carried out in August this year, found that 40% said they did not want family members to pay funeral expenses, while 30% said they had life insurance because they were going to live with them Approaching life.

At the same time, the need to protect the family (28%) was also identified as the main reason for looking for life insurance.

The mutual found that around two in five (22%) of those over 50 currently have life insurance, while the same percentage is considering purchasing coverage.

Other factors identified by the study were financial life events such as retirement (8%) or repaying a mortgage (7%).

Cost was identified by 51% of those over 50 as the most important criterion when choosing life insurance, followed by the funeral finance option (21%) and guaranteed acceptance (19%).

OneFamily stated that due to the multitude of factors involved, advisors play a “key role” in finding the right life insurance for those over 50. The study found that 56% of those over 50 are looking for a financial advisor they can trust, someone who offers quality advice (43%) and has good product knowledge (39%).

Paul Bridgwater, Head of Investment at OneFamily, said, “Our research suggests that currently only a relatively small proportion of those over 50 (22%) have life insurance. Thinking about end of life plans can be an uncomfortable process. but it really is crucial – especially when there are major life events like retirement or repaying a mortgage affair.

“This is where a competent advisor can be of great help by providing reassurance and understanding the factors that go into the decision-making process for buying life insurance after 50. Trust can be the key component in taking the first steps to do the right thing. “Budget and give security to clients and their families.”