Confused.com Finds Mums Want to Help Pay for University CostsBy Confused.com, PRNE
Thursday, May 12, 2011
CARDIFF, Wales, May 13, 2011 - Confused.com has surveyed mums and found that 60% would like to help
their children meet the spiralling costs of higher education. With the
current annual cost of living and study for a higher education student
estimated at around GBP15,500 to GBP16,600* per year, and fees predicted to
continue rising, parents may want to consider protecting their children by
increasing the term of their life insurance policy.
The research from the car and life insurance comparison (
www.confused.com/life-insurance) website also found that 55% of mums
would like to help their children with a deposit for a house (the average
house price for first time buyers is around GBP160,000**) and 50% of mums
would like to help their children buy and insure their first car (annual
premium on car insurance for young drivers aged 17-20 has increased by
33.5%***, and young drivers of these ages can expect to pay an average
premium of GBP2,648 annually****).
Additionally 50% would like to help them with wedding costs (average cost
of a UK wedding is between GBP15,000and GBP25,000.)***** and 29% of mums
would like to provide their offspring with financial support for travelling.
Others would like to help with paying for private medical care and
financial support to set up a business. However, Confused.com recently
revealed that 48% of mums don't have any life insurance cover in place.
Matthew Lloyd, head of life insurance at Confused.com, said: "For many
years the perceived wisdom has been to make sure life insurance cover
continues until children reach the age of 18 or 21. It seems that attitudes
are changing though; influenced by spiralling university costs and the desire
to help children reach goals that often happen after this age. It's important
that parents wanting to help their children achieve these goals consider
providing protection through life insurance for their children until an older
"It's not at all surprising that mums want to help their children reach
landmark goals, but it is a real worry that they don't have any life
insurance cover in place to safeguard them should the worst happen. Life
insurance and critical illness policies can also offer many additional
valuable features for families that can be accessed at any time during the
life of the policy, for example providing access to specialist medical
information and advice or counselling services - they can be invaluable."
Notes to Editors:
* Source NUS Average costs of living and study
** House prices increase by 0.3% Feb 2011 - Average house cost for first
time buyers = GBP161211 (Nationwide house price index Feb 2011)
*** Prices have increased 33.5% from Q1 2010 to Q1 2011
**** Based on Confused.com/Towers Watson Car Insurance Price Index April
***** Source: - 'You and your wedding'.
Confused.com is one of the UK's biggest and most popular price comparison
services. Launched in 2002, it generates over one million quotes per month.
It has expanded its range of comparison products over the last couple of
years to include home insurance, travel insurance, pet insurance, van
insurance, motorbike insurance, breakdown cover and energy, as well as
financial services products including credit cards, loans, mortgages and life
insurance. More specialist life insurance products include critical illness
cover, (www.confused.com/life-insurance/critical-illness) mortgage
life (insurance, (www.confused.com/life-insurance/mortgage) joint life
insurance (www.confused.com/life-insurance/joint) and over 50s life
insurance policies. (www.confused.com/life-insurance/over-50)
Confused.com is not a supplier, insurance company or broker. It provides
a free, objective and unbiased comparison service. By using cutting-edge
technology, it has developed a series of intelligent web-based solutions that
evaluate a number of risk factors to help customers with their
decision-making, subsequently finding them great deals on a wide-range of
insurance products, financial services, utilities and more. Confused.com's
service is based on the most up-to-date information provided by UK suppliers
and industry regulators.
Media information: Helen Beckett Confused.com press office Friary House Greyfriars Road Cardiff CF10 3AE +44(0)7551-005877 www.confused.com
Tags: Cardiff, Confused.com, May 13, United Kingdom, wales