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.
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