They may not need to worry too much about home insurance just yet, but young people should be thinking about life cover, one organisation has claimed.
According to figures released by LifeSearch, only three per cent of all protection policies written by the firm in 2008 were for people aged 25 or under.
This is despite life insurance, critical illness cover and income protection all being cheaper for younger people as they are more likely to be healthy - which keeps premiums low.
LifeSearch policy adviser Matt Morris said that more effort needs to be made to encourage younger people to take out protection policies.
He added: "Often they either buy no financial protection at all or rely on the internet to get the best deal. That might work with car insurance, but not with financial protection."
In related news, it was recently revealed by Sainsbury's Insurance that the cost of car insurance is increasing for many young people.
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