Soaring Cost of Living Highlights Increasing Need for Life Insurance

Jul 27, 2012, 04:00 ET from comparethemarket.com

LONDON, July 27, 2012 /PRNewswire/ --

Households are considering the need for life insurance as a new study shows that the cost of living is increasing at twice the rate of inflation.[1] Comparison websites such as comparethemarket.com are expecting increased visitor numbers to research life insurance cover.

According to a report published by the Joseph Rowntree Foundation, working families with children have been hardest hit by the recession. A couple with two children now needs to earn £36,800 to maintain an acceptable standard of living - a figure which has risen by nearly a third since 2008, double the rate of inflation. Increased childcare and transport costs are amongst the factors identified as having the biggest impact on the household budget.[1]

With this in mind, a number of people are looking at life insurance policies to ensure that their dependents will be able to make ends meet should the worst happen. By using a price comparison website like comparethemarket.com, people are increasingly comparing quotes and finding the most suitable cover for their circumstances.

Andrew Stocks, Director at comparethemarket.com said: "The reported increase in living costs means that it is costing parents more than ever before to provide for their children. For many, life insurance gives that extra peace of mind that their loved ones will be cared for no matter what. Our customers have found comparethemarket.com to be an easy way to compare life insurance offers, helping them to buy the right policy to suit their needs."

Specialising in more than just life insurance, comparethemarket.com provides customers with an easy way to find the right deal on a wide range of insurance and financial products including car insurance, home insurance, van insurance, bike insurance, pet insurance and credit cards.  It also offers comparisons for a range of household utilities including electricity, gas, phone, broadband and digital TV.

[1]http://www.jrf.org.uk/media-centre/third-more-earnings-needed

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  • comparethemarket.com provides customers with an easy way to make the right choice for them on a wide range of products including motor, home, life, travel and pet insurance as well as utilities and money products such as, credit cards and loans.
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SOURCE comparethemarket.com