People are likely to be under-protected for the amount of mortgage debt they have, an analysis by Aegon of both the ABI's and its own latest protection claims statistics has suggested.
According to figures from The Money Charity, the estimated average outstanding mortgage for the 11.1 million households with mortgage debt in the UK was £119,937 in January 2017. Aegon UK protection director Stephen Crosbie said: "The latest figures from the Association of British Insurers (ABI) and Group Risk Development (GRiD) reported that life insurance claims paid out in 2016 had an average value of £75,000." He pointed out this implied people could be under-protecting themselves based on their mortgage debt alone by around £44,937. Crosbie added: "Our own claims experience in...
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
