Britons aged over 50 are struggling with the rising cost of insurance with nearly two-thirds (63%) worried about how much they are paying in premiums, according to research from Scottish Friendly.
The study of 1,000 over-50s found that nearly half (48%) were paying more than they were 12 months ago.
The most common types of insurance among over-50s were home or contents insurance (80%) and buildings insurance (62%), followed by life insurance (34%) which was typically held as whole of life cover (33%) or over-50s life insurance (31%).
In spite of worries about the rising cost of insurance, nearly two-thirds (63%) of respondents with an over-50s life insurance plan said it had grown in importance due to the cost of living crisis putting families under greater financial pressure.
Most (57%) older adults had taken out a plan to cover the cost of their funeral, while 46% did so to help provide for their family financially if they passed away.
An added worry for nearly half (46%) of respondents, was that the value of their plan would be less than they hoped.
But for many over 50s, putting away more money for their family in event of their death may not be an option.
The majority of respondents were likely to be on fixed incomes as shown by the fact that only 27% of survey respondents are in full time employment.
More than one in five (22%) were hoping to find ways to boost their regular income in the next six months. Paid overtime (9%), second jobs (4%), salary increases (3%) and selling of investments or stocks (3%) were expected to be the most likely sources.
If the pressure on incomes grows, more over-50s are potentially at risk of being unable to meet their monthly premiums.
Jill Mackay, head of marketing at Scottish Friendly, said: “Insurance inflation is a real concern for many over-50s and is adding to their woes during the cost of living crisis.
“Coping with rising premiums is particularly challenging for individuals on fixed incomes who have fewer options to boost their earnings.
“However, despite the short-term pressure many over-50s are under, it is reassuring that plenty are taking appropriate action to support their families in the event of their death.”
She added there was also more support now from providers with unique products that offer customers greater choice and flexibility, and help reduce the risks if people do miss a payment.
