Average UK adult thinks they are worth GBP 350k

When it comes to putting a price on their life, the average UK adult believes they are worth GBP 350,000, according to research by the Post Office.

When asked to consider everything they own or value in their life, including their home, car, annual salary and all their possessions, respondents came back with an average amount of GBP 350,000.

Many people seem to value themselves in terms of their homes as their biggest asset, as there is a direct correlation with house prices and self-valuation. For example Londoners value themselves at GBP 500,000, with an average house price of GBP 345,000 whereas those in the East Midlands only value themselves at GBP 300,000, with an average property at GBP 142,000.

Adults approaching, or already in retirement, emerged as the group who valued themselves the most (GBP 500,000). On average people in their sixties valued themselves more than double that of people in their twenties and thirties.

Regardless of the value people put on their lives, it is worrying how the majority of people don’t have protection. Almost 36 million (75 per cent) adults in the UK have no life insurance, posing a real financial risk to them and their family if anything was to happen to them. Although the cost of life insurance has dropped by 70 per cent over the last 30 years, more than a quarter of adults (28 per cent) claim they simply cannot afford it, while over eight million (18 per cent) adults feel their lives are not worth insuring at all.

Whilst it is natural that people may wait for certain ‘life’ triggers before considering life insurance, it often inevitably slips down the priorities list. One in seven said they would take out life insurance when they have a child (14 per cent) or when they buy their first house (13 per cent) and one in 10 (10 per cent) when they get married. However, four in 10 adults (39 per cent) suggest they could already be at risk by saying they should take out life insurance as soon as possible.

Customers who take out a Post Office Life Insurance policy from 18 August will receive GBP 25 cash back, after three months, if their policy is GBP 10 or more per month.