Homeowners cut back on mortgage insurance
- 9th November 2010
- Buying Property News
A staggering 7.1 million people are not covered with life insurance in event of death, leaving loved ones exposed.
According to Sainsbury's Finance, there has been a massive 47% increase in the amount of people dropping a life insurance policy on their mortgage. According to recent reports, almost half of all mortgage holders in the U.K have no insurance.
Since the recession, many homeowners in the U.K. have decided to cut back on items that they deem unnecessary. It seems that, for 7.1 million homeowners, life insurance falls under this category because it's not compulsory.
Head of Sainsbury's Life Insurance, Lucy Hunter, says ""[Insurance] is particularly important for homeowners, who should take care not to overlook life insurance as it can help to ensure peace of mind that the property is paid for upon death, allowing loved ones to continue living in the family home, and it could also alleviate any financial burden, therefore providing financial security".
Almost half of all mortgageholders in the U.K. have no insurance
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