November 2024
Research has found that 28% of young UK homeowners do not have life insurance10.
It is estimated that 1.7 million adults aged 18-40 do not have appropriate cover in place, despite having a mortgage. This oversight puts their dependants in a precarious financial position in the event of their death.
Why risk it?
Of those homeowners who do not have life insurance, nearly a quarter (23%) said they do not believe it is a priority expense. Meanwhile, 22% said they never considered it and the same amount could not afford cover due to the cost-of-living crisis.
Uncovered debt in the UK
In 2023, there was thought to be over £433bn in uninsured mortgage debt in the UK. This concerning figure suggests that many people would be left unsupported if a loved one died, potentially making it difficult for them to stay living in their home.
Make cover a priority
Living without the right protection could put unnecessary financial pressure on your loved ones at an already distressing time. Life cover should be a priority expense, even when you’re young. Speak to us now to get insured.
10Beagle Street, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.