New research from Gocompare.com, one of the UK’s leading price comparison sites, has revealed that 1.5million households in the UK may have insufficient life insurance cover to pay off their mortgage if either partner were to die.
In the survey of 3,000 Brits, only a quarter said they had sufficient financial protection and savings to clear the mortgage and other debts in the event of their death, and 17% of those surveyed said they had concerns about the financial impact on their family.
The main reasons people had for not buying life insurance were cost (34%) and apathy (25%), and 9% said they were unsure how to go about buying life insurance.
This research highlights how important it is to arrange adequate life insurance when taking a mortgage and then to keep reviewing the cover as personal circumstances change. We’re all used to revising our car insurance if we buy a new car or need additional people to drive ours, but we’re not as organised when it comes to changing our life insurance cover as our circumstances change – perhaps due to starting a family or moving home.
At L&C, we offer a free life insurance advice service for anyone wanting to take out new cover or review their existing policies. One of our expert advisers will review your personal circumstances and any existing policies you may have and then recommend a package of protection to suit your budget and requirements. We’ll also assist with the application process to get the new policies up and running. As the cost of life insurance has fallen in the last few years, you may even be able save money on any existing policies.
To take advantage of a free, no obligation life insurance review, call us on 0800 073 1932