Many homeowners are taking a huge risk by not having any insurance to cover mortgage debts in the event of their death, a survey reveals.
According to research by Friends Provident , almost a quarter of UK homeowners have no way of covering mortgage debts, meaning that in the worst case scenario a family might have to sell the house if the main salary earner was to die.
The survey suggests that most Brits are more concerned with protecting the contents of their house than the actual property itself, with 92 per cent of homeowners having contents insurance compared to just two-thirds who have a policy to cover their mortgage repayments.
Ian Jefferies from Friend Provident says that consumers need to start prioritising life insurance .
"Most people are happy to insure their car , their laptop or their mobile phone but often give too little thought to insuring themselves," he says.
"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," he concluded.
Failure to protect mortgage repayments threaten families, reveals research
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Failure to protect mortgage repayments threaten families, reveals research
Mon, 15 May 2006
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