Having experience of a range of financial services can add to consumers' confidence in obtaining such products in later life, it has been claimed.

Norwich Union spokesperson Darren Dicks proposes that it "takes a while" for individuals to become accustomed to the features of financial products.

But familiarity with lending such as mortgages and secured loans could help them to become aware of the implications of taking out life insurance alongside the borrowing.

"Certain things can trigger life insurance, making it register that it is worth spending the extra £10 or more per month," Mr Dicks asserts.

"People tend to want to have experienced financial services for some time before they start buying things like life insurance," he adds.

Taking out life insurance alongside secured loans can mean the outstanding balance is repaid on death, should anything happen to the policyholder.

Figures from the Association of British Insurers reveal that a third of Britons have no life insurance, while a further third have not renewed their policies for five years.ADNFCR-1287-ID-18325785-ADNFCR

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