52% of UK adults have NO life cover
Published ¤ 03/09/2010 12:49:23
According to AVIVA, the majority (52%) of UK adults have NO life cover whatsoever. Further, recent research from Defaqto shows that nearly a third of new mortgages have no life cover associated with them.
These figures are staggering, since the cost of life cover has dropped significantly over the last 5-10 years. In some cases by more than 50%.
It seems odd that people will pay hundreds of pounds a year to insure their house and contents, and also to insure their cars, but when it comes to life cover people prefer to bury their heads in the sand.
A mortgage is, for most people, the largest debt they will ever owe, yet for many the small cost of protecting that loan is just too much.
Here is an example: a 30 year old nurse bought a house for £300,000 with a mortgage of £200,000 on a repayment basis over 25 years. The mortgage payments were over £1,000 per month, yet she refused mortgage protection at a cost of only £6.70 per month. Why is that?
Life insurance can used to protect a mortgage, but also to protect your family's lifestyle, your loved ones, provide an inheritance, or help to mitigate inheritance tax. There are numerous reasons why one should consider life cover, so why do most people ignore it?
If you are reading this article then it is likely that you are considering life insurance. Why not call us the number above to discuss your thoughts, or click here to send us a message. Whatever you do, don't bury your head in the sand!
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