39% of Parents Don’t Have Life Insurance: Ocean Finance Launches “Affordable Life” Cover From Just 60p a Month

Ocean Finance has launched Affordable Life – a new life insurance product designed to give families peace of mind without breaking the bank. Cover starts from 60p a month, with the average policy costing just £3.93.

The launch builds on Ocean Finance’s mission to improve financial wellbeing across the UK. 

Families stretched to the limit 

Research highlights how under-protected many households are: 

• 58% of UK adults have no life insurance in place *
• 39% of parents with dependent children have no cover †
• 90% of parents worry about how their family would cope financially if the worst happened †
• 53% of parents with a mortgage owe over £100,000, with an average balance of £145,720 – a debt that life insurance could help pay off. †
• 70% of parents carry additional debts averaging £5,115 on loans and credit cards †

Despite these pressures, many Brits are put off by complicated products or the perception that life insurance is expensive. Ocean Finance hopes Affordable Life will give people more choice and confidence when it comes to planning the future. 

Stelios Charalambous, CEO of Ocean Finance, explains why this launch matters: “We’re really pleased to launch Affordable Life and give our customers a new way to protect their loved ones. Life insurance isn’t something people like to think about, but it can offer huge reassurance. It pays out a lump sum if the worst happens, helping to cover mortgage, debts, or everyday bills. For a single parent, it could mean breathing space to adjust to a very difficult new reality. 

“Our research shows that many people in the UK don’t have any cover in place. That’s why we’ve designed a product that’s quick to apply for, easy to understand, and one of the most affordable on the market. Premiums are fixed for the length of the policy, and if someone is diagnosed with a terminal illness, the payout can be made early to support their family when they need it most. We want our customers to enjoy life knowing that if something happened, their family would have the financial support they need.” 

Who is eligible?  

The policy offers fixed cover between £10,000 and £100,000 for UK residents aged 18 to 55, running until they turn 60 or for a maximum of 20 years. It is a single-person policy rather than joint cover and includes both death benefit and terminal illness benefit. The application takes just five minutes, no medical exams are needed, and customers find out instantly if they’re accepted. 

The launch is particularly relevant for people making big life decisions, such as getting married, buying a home, or having children. Premiums are generally lower the younger and healthier someone is, making it a smart step for people in their 20s and 30s who want to lock in affordable cover.