Almost three in 10 (28 per cent) young UK adults with a mortgage do not have life cover to protect them and their families, research from Beagle Street has revealed.
This means nearly 1.7mn UK homeowners aged 18-40 who have mortgages do not have the safety net of life insurance to support them if they passed away.
Beagle Street director of protection, Ryan Griffin, said: “It’s really important for people to put plans in place and protect themselves and their families if the worst were to happen.
“We understand life insurance might not be something people want to think about, but it really can make a huge difference to those who need it.
“We know that almost half of those with a mortgage and life insurance took out a policy after speaking to a financial adviser. So, advisers are vital in making sure people have life insurance that is right for them.”
Further research by the insurer, which is part of the OneFamily Group, suggested that, in 2023, there was more than £433bn of mortgage debt not covered by life insurance in Britain.
This represents the combined value of home loan debt that would be owed if an expected death were to happen.
Of those who have a mortgage but no life insurance, 23 per cent say it’s because they don’t currently see it as a priority expense, 22 per cent have just never thought about it and the same proportion say the cost-of-living crisis means they don’t have enough money.
When looking to buy life cover, the most common resource those with a mortgage used was speaking to a financial adviser (44 per cent) while only 16 per cent went to a provider.
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