Mortgage risk with millions unprotected
Almost one mortgage in four is at risk, with millions not taking out policies to pay off their loan in the event of a death, new figures reveal.
According to figures from Friends Provident some 24 per cent of mortgages are not protected - leaving loved ones at risk of being evicted if the worst were to happen.
"Most people are happy to insure their car, their laptop or their mobile phone, but often give too little thought to insuring themselves," said Ian Jefferies, head of protection marketing at Friends Provident.
"Everybody's circumstances are different and people need life assurance cover for many different reasons.
"The key thing for people to remember, especially those with families or other dependents, is that life assurance can soften the financial difficulties for loved ones should the worst happen."
Friends provident calculates that the UK's 'protection gap' stands at some £2 trillion, with Brits more likely to insure their home contents than their home loans.
Some 23 per cent more Britons have insured their home contents than their life.
Despite this, almost three people in four think that the principal earner in a family has a responsibility to ensure their family is looked after if something happens to them, but increasing numbers of people are not taking out life cover.
And while millions are going without life cover, Brits are happily spending money increasing the value of their home.
Friends Provident reveals that more than half of homeowners (52 per cent) spent more than £1,000 on home improvements last year, while almost a third spent more than £2,000.
Comments
Newsletter sign up