From the point of view of life insurance, the Outer Hebrides is the cheapest place to live in the UK, says Reassured, a life insurance comparison site.
But the Highlands are the most expensive!
Reassured says it has analysed five years of internal data.
Key findings include:
- Customers in the Highlands pay the highest average monthly premiums in the UK at £41.53
- The lowest average monthly premium is paid in the Outer Hebrides - £20.59
- The average monthly premium across the UK is £24.95
- The county of Cleveland, in the North-East of England, has the largest proportional life insurance coverage as 1,034 out of every 100,000 residents has a life insurance policy
- Croydon has the lowest proportional life insurance coverage as only 22 out of every 100,000 residents of the South London borough is covered by life insurance.
Counties in Scotland and the North of England dominate the most-covered areas. A large number of insurance companies are headquartered in Scotland. Nearly a quarter of the UK’s life insurance employees are based in Edinburgh. The city has been home to the UK life insurance business since 1815.
Commenting on the findings, Phil Jeynes, Head of Corporate Sales at Reassured said: “It really is eye-opening to see the differences between UK areas when it comes to life insurance coverage and average premiums. But with the UK average premium falling just short of £25 per month, it highlights life insurance could be more affordable than people think.
“To protect yourself and your loved ones, life insurance can offer financial assistance, helping to take some of the stress out of planning for the future. Each insurer uses a different underwriting process, so shop around to get the best deal for you.”