WHAT ARE LIFE INSURANCE CUSTOMERS LIKE?

 WHAT ARE LIFE INSURANCE CUSTOMERS LIKE?

What are the people who purchase life insurance like? Do they have any characteristics in common? Are they young or old? We review the data collected by the sector to define what life insurance buyers are like in Spain.

Although in recent years the contracting of life insurance has begun to equalize between men and women, there is still a male predilection for this insurance. According to data from 2018, men represented 56% of the insured . They are also the ones who bet on a higher level of protection (understanding that protection is the contracted capital that will be received when the event foreseen in the policy occurs -whether death or retirement-). While men insure, on average, 42,676 euros, women insure 34,348 euros.

It has always been said that marriage (and offspring) are very important moments when thinking about insuring life and this has historically translated into a majority bet of married people for this type of insurance. However, in recent years this reality is changing: the percentage of single and married people who insure themselves is increasingly similar, 37% and 43% respectively. When we talk about the level of protection, the data is invested and if we look, for example, how much capital do singles insure in case of life-risk insurance, that is, the one that protects you against a fatality, we see that their capital average reaches 56,000 euros while the average for married people is 44,000 euros.

And what is the age of these life insurance clients?

What about the age? It has always been said that you have to be older to care about life insurance. It is not so true. Almost one in five insurance clients is under 34 years old , and if we look below 44 we find a little more than half.

These data prove one thing: in reality, a life insurance buyer can be in any circumstance; whatever your gender, your personal condition or your age. Life insurance, in reality, is a very broad set of products that offers time-saving solutions, as well as prevention for your loved ones if something unexpected happens. It forms a comprehensive protection platform that, properly combined, provides high levels of security. Which is, logically, what it is about.