According to Sainsbury’s Bank life insurance, 4.2 million people in Britain do not have enough life insurance to cover their mortgage in the event of their death, and the overall shortfall in cover amounts to £217billion.
So have a think – does your life insurance cover your mortgage? Would you want to put your loved ones through a possible financial hardship, or ensure that they are looked after as fully as possible when you’re gone.
Luckily, life insurance and mortgage protection policy rates have been coming down over the last few years, so anyone who hasn’t checked their policy for a while should be able to find a cheaper deal. And remember, you don’t have to get your insurance from your mortgage lender – shopping around the numerous life insurance brokers is likely to find you a much better deal.