Life Insurance News: Millions of Mortgages Unprotected
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Article Published: 17-Apr-2007
Over £200 billion worth of mortgages are being left unprotected without adequate life insurance cover.
Research from Sainsbury's Bank has found that almost 4.2 million UK homeowners haven’t made sufficient provisions concerning their life insurance, potentially leaving their family members to count the cost in the future.
Findings from the bank's research shows that 41 per cent of people who have both a mortgage and life insurance have not renewed their cover, neither are they shopping around to find the best deals.
Life insurance provides cover financially should the unthinkable happen, enabling people to be secure in the knowledge that their children could receive a cash lump sum if they were to die. Homeowners should take care to ensure they have adequate life cover to ensure that their mortgage is paid upon their death, avoiding a financial burden on loved ones and even providing financial security for the future.
Source: Insurance-4-life.co.uk
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