Mortgage holders are being urged to ensure they have life insurance to cover their mortgage repayments if they should die.
The bank says that up to 4.2 million mortgage holders have no life insurance . It points out that in the event of a mortgage holder's death, loved ones may be unable to afford mortgage repayments and could risk losing their home.
"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," says David Pickett, life insurance manager at Sainsbury's Bank .
He says homeowners in particular should not overlook life insurance, as it can help alleviate the financial burden of loved ones and may even provide them with financial security.
Life insurance does not have to be expensive, according to the bank.
"Once you know what type of cover you need, it's important to shop around for competitive premiums," Mr Pickett says.
He adds that by considering various options, mortgage holders can save up to a quarter on their life insurance premium without their cover being affected.
The life insurance provider has introduced a five per cent discount on life insurance policies bought before March 26th.
Mortgage holders need life insurance, bank claims
Mortgage Quote Line
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Mortgage holders need life insurance, bank claims
Mon, 13 Feb 2006
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