Smokers are 57% more likely to cancel their life insurance before the end of the term than non-smokers, according to a major piece of analysis of cancellation data.
Life insurance broker Protect Line said that the cancellation data of 10,822 of its customers shows that, overall, while there is no significant difference between males and females, age does seem to play a big factor in people stopping cover.
The most likely age range to cancel their policy early is people who get insurance before the age of 20, with these customers having a 44% chance of cancellation.
The second most likely age range to cancel their policy early is those who take out the insurance when they are over 60, most likely because they may be struggling to keep up monthly payments which would probably been lower had the cover been taken out at a younger age.
The least likely age group to cancel is 40-50 year olds, with many having financial dependents which is often the motivating factor for taking out life insurance.
