At a glance

• Many people assume insurance is something they can think about later, so they don’t take the time to understand how it could protect them and their loved ones.
• There are different types of insurance available, covering a wide range of circumstances, priorities and needs.
• It’s common to wait until a major milestone such as buying a home or starting a family before taking out cover. But the longer you wait, the more expensive it can become.

For many people in their 30s and early 40s, life can feel like a constant balancing act – managing a mortgage, building a career, raising a family and trying to keep up with day to day costs.

With so much focus on the here and now, thinking about long-term protection can easily fall down the priority list. This could leave many financially exposed to unexpected events.

Millennials, those aged around 30 to 45, are at a defining and often stressful stage of life.

In the UK, on average people move in with a partner at 28, have their first child at 29, marry at 31 and buy a home at 36. At the same time, they work towards peak earnings, which tend to come around age 47.¹

With such constant change, many barely have the time or inclination to stop and think about future risks – especially the unwelcome ones. But being proactive can pay off.

The protection gap

No one likes to think about worst-case scenarios, but that’s exactly what insurance is for. The financial consequences of serious illness, injury or death can be significant. Mortgage payments, household bills and childcare costs don’t stop simply because circumstances change. For many families, the question is whether they would be financially prepared if life took an unexpected turn.

Different forms of protection can help with different challenges. One policy might help support your family financially if you die, while another could provide an income if illness or injury prevents you from working. Some policies can also provide a lump sum if you’re diagnosed with a serious medical condition. The right approach will depend on your circumstances and priorities.

Having cover in place can bring relief and peace of mind. And yet, many people don’t have a policy in place – or indeed, the right one.

This is not limited to millennials. Despite the risks, relatively few people have protection in place. In the UK, only around one in ten hold life insurance and even fewer have income protection.²

This highlights a clear protection gap – the difference between what people may need and what they have. A key reason for this is a lack of awareness. Research by the Financial Conduct Authority shows that those without protection may have never considered their needs.³

In general, key life events should trigger a review of protection needs. Buying a home, changing jobs or being promoted, getting married or having children should all prompt a rethink. Millennials face many of these changes at once, which increases their exposure.

The cost of waiting

Many people may overestimate the cost of cover.

Policy prices vary widely but may well cost less than people expected, particularly when taken out early in life – although the price will always depend on individual circumstances.

In some cases, it may be possible to lock in a price for many years. Someone in good health may be able to secure lower rates early and keep them for the long term. This is because life offices calculate prices based on risk, which increases with age.

It is also important to understand how cover is used. Insurance can pay off a mortgage or any debt in full, fully fund the education of children or cover other major costs.

If you have active protection through your employer, it is worth checking the details. Employer benefits can be valuable, but they may not provide as much cover as you need.

It’s worth checking exactly what is included and when payments would begin if you were unable to work.

Protecting tomorrow

The reality is that many people only think about protection after something has gone wrong. Yet waiting to buy insurance until after illness strikes can severely limit cover options. Policies will almost certainly be more expensive or could even be unavailable depending on the state of your health.

Taking time to consider it earlier can give you more choice, more flexibility and, importantly, greater reassurance about the future.

Protection isn’t about expecting the worst to happen. It’s about making sure that if life takes an unexpected turn, you and your loved ones have a stronger financial safety net to fall back on.

Sources
¹ Office for National Statistics – Milestones: journeying through modern life – April 2024
² Financial Conduct Authority – Pure Protection Market Study – January 2026. The quantitative research comprised 14,226 online interviews with a nationally representative sample of adults aged 18-plus with online access.
³ Financial Conduct Authority – MS24/1: Pure protection market study – March 2026

SJP Approved 15/07/2026