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Fashionably late fatherhood drives need for life insurance

Date: Tue, 29 Nov 2005

Fashionably late fatherhood is helping to boost the demand for life insurance cover.

The growing number of older celebrity dads such as Sir Paul McCartney and Rod Stewart is reflecting a national trend towards people entering parenthood later in life.

However, this also means that some new dads could be forking out more for their life insurance protection, especially once they hit 50.

Figures from financial giant AXA show that a life insurance protection portfolio (including life cover, critical illness cover and income protection cover) for a 29-year-old man would cost three times less than the price of similar cover for a 49-year-old and almost four times less than cover for a 59-year-old.

"We strongly encourage people to think ahead and review their protection requirements with their financial adviser," said AXA’s Paul Bennett.

He added: "Younger people who are home owners should consider their protection needs in any case. They’ll count their blessings if they join the trend to later fatherhood."

Office of National Statistics figures reveal that 6489 children a year are born to fathers aged 50 and over and the most popular age range for new dads is 30-34 years old.


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