On average, those who pay towards a mortgage and aren’t covered by life protection are currently personally responsible for an outstanding balance of over £36,000.
Worryingly, many of those in age groups who are likely to have dependants are unprotected, with the research showing that one in three (33%) 35 to 44 year olds don’t have life insurance to protect their mortgage payments, and nearly a third (30%) of 45 to 54 year olds do not have this type of cover.
Head of Sainsbury’s Life Insurance, Helen Williams said: "Mortgage repayments are one of the biggest financial commitments in many peoples’ lives but, as our research shows, unfortunately it is not something that enough mortgage holders have taken steps to protect. There could be many reasons for this, perhaps some may feel it is less of a priority than other items on their household budget however, being unprotected could have serious implications.
"Having life insurance gives those with a family peace of mind that should the unthinkable happen and they die, their dependants can continue living in the family home with the lifestyle they have without worrying about the financial implications. We would urge anyone who doesn’t have life insurance to consider taking out a policy, and those who do and have moved to a bigger house to make sure it is updated to reflect their mortgage commitment."
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