Almost 43% of mortgage holders do not have life cover to protect their mortgage, according to data from Sainsbury's life insurance.
The findings suggested there are over 7.1m people with a collective outstanding mortgage balance of £318bn who have no life insurance to cover this. This represents a 47% rise on the £217bn of mortgages not protected by life cover in 2006, suggesting policyholders have been cancelling life cover premiums to save cash. Lucy Hunter, life insurance manager at Sainsbury’s, said: "Life insurance provides financial cover should the unthinkable happen, enabling people to be secure in the knowledge that their dependants could receive a cash lump sum if they were to die.” She added: "This i...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
