£32bn shortfall in homeowners life cover

The research from Friends Provident claims nearly a quarter of all homeowners have insufficient life cover to pay off their mortgage debts in the event of their death with first time buyers the worst offenders. And despite almost three-quarters of property owners (72%) without cover admitting they know they would lose their home in the event of a family tragedy the average payment for term assurance is only £2.10 a week. According to the research, the main reason for not having cover is a belief that it is an unnecessary expense. Nearly a third of people without life insurance (31%) sa...