Nearly 1 in 2 mortgage holders have no life insurance

The findings suggested there are over 7.1m people with a collective outstanding mortgage balance of £318bn who have no life insurance to cover this. This represents a 47% rise on the £217bn of mortgages not protected by life cover in 2006, suggesting policyholders have been cancelling life cover premiums to save cash. Lucy Hunter, life insurance manager at Sainsbury’s, said: "Life insurance provides financial cover should the unthinkable happen, enabling people to be secure in the knowledge that their dependants could receive a cash lump sum if they were to die.” She added: "This i...