One of the UK’s leading online life insurance brokers, ProtectLine.co.uk, has released their policy cancellation statistics for the first time.
Life insurance is an extremely valuable product which pays out a fixed sum to the insured’s loved ones if they were to pass away during the policy term, provided monthly payments are made and the policy isn’t cancelled.
The cancellation data of 10,822 people gives interesting insight into who is most likely to cancel their policies before the end of the term date.
There is no significant difference between males and females, however age does seem to play a big factor.
The most likely age range to cancel their policy early is people who get insurance between the ages of 18 and 20, with almost 44% of policies affected. Although this might not be too surprising, getting life insurance at this age makes good...