Almost a quarter (24%) of all homeowners in the UK do not have cover to pay off their mortgage debts in the event of their death, a Friends Provident survey reveals.
Despite warnings of a growing ‘protection gap’, which some estimates put at a staggering £2trn, homeowners are putting greater value on the contents of their home than on the home itself. Friends Provident says just over two-thirds (69%) of homeowners have life cover to help their families meet mortgage repayments compared with more than nine out of ten (92%) who have contents insurance. Homeowners also acknowledge they don’t like the thought of some of the sacrifices their families might need to make in order to pay for life cover. The least popular of these is being forced to sell...
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