A recent review of Mortgage Required clients revealed that more and more customers are taking up the option of protecting their mortgage.
Most people don't like to think about death, but many try to put some sort of plan in place in case the worst happens.
Yet fewer than half of adults (41%) say they have life insurance. Of those, one in twelve admit they don't know how much they are covered for.
According to research, the gap in life protection is most evident in 35 to 44 year old's who are the most likely to have both children under 18 (60%) and a mortgage (59%). Although they have the greatest need, only 43% of this age group have life insurance.
Taking out life insurance is rarely in the forefront of the minds of people who have a new strain on their finances such as buying a house, so it is left to us Mortgage Brokers to be the kill joys who tell borrowers the stats for people losing their homes due to the death or illness of a loved one.
Life insurance can cost just a few pounds a month if you are young and healthy and if you are older and unhealthy, you probably need it even more!
We are finding that single clients with no dependents are taking out cover to protect themselves if they are unable to work, as opposed to insuring their life. I am not sure if this is down to the government’s welfare reforms or employers no longer offering generous sick benefits.
Either way, the message seems to be getting through that if you can’t earn enough to pay your mortgage, you are pretty much on your own!
For more information or to speak to a protection advisor contact us on 01628 507477.
Recent posts
The Equity Release Council has revealed that three in five UK homeowners are interested in releasing money from their property later in life.
Prices for UK houses drop in July 2024
9 days ago
The average seller’s asking price dropped by 0.4% in July, a bigger drop than we have typically seen.
We explore the differences between Millennials and Gen Z and what both generations ideally want from a new home.
Overpaying mortgage vs money into savings
18 Jun 2024
Should you overpay your mortgage? If you can put extra cash away you need to seriously consider whether you should pay more off on your mortgage or put it into a savings account.
Buying a property, especially in the current climate, is a big decision for first time buyers. We have listed a few tips that can help you buy your first propertyy
Does the time of year make a difference in house purchases? The answer is, yes and no.
The popularity of buying a house can vary depending on various factors such as regional trends, how the economy looks, and of course personal circumstances.
6 Garden Tips to Add Value to Your Property
30 Apr 2024
If you are looking at putting your house on the market, you may want to consider giving your garden some TLC. Small changes can make your outside space a lot more attractive to potential buyers resulting in a faster sale.
Averages for a first time buyer in the UK
24 Apr 2024
Getting on the property ladder is a big milestone in life, and is not something to take lightly. There are several things to take into consideration such as saving up for a deposit, finding your dream home, and finding the best mortgage product to suit you. Here we look at UK first time buyer statistics.
More information
Trusted by
