A report has shown that more than two-thirds of people in the UK are failing to arrange a life insurance policy, despite the fact ‘health problems’ have topped a list of concerns.
The report showed that 57% of respondents haven’t purchased life insurance, whilst 11% are unsure if they have life insurance cover. This is especially concerning in light of the fact the report also highlighted that 63% of respondents were owner-occupiers of their homes, suggesting the majority of people have mortgages they would need to pay off in the event of their death.
Having all of your assets properly insured is important, but life insurance in particular should be an essential consideration for anybody who has a mortgage. This is particularly true if you live with others or have dependents who rely on your income.
Interestingly, older people were less likely to have life insurance; 27% of over-55s said they have life insurance, whilst 31% of 18-34 year olds reporting having it in place. As is possibly to be expected, the most likely age group to have insurance was the 35-54 year old bracket.
If your children, partner or relatives depend on your income to cover any financial commitments or expenses, you should be considering life insurance. Although we hope you’d never need it, having personal protection in place can help secure your family’s financial future should any unexpected or tragic circumstances occur.
How can Enness help with life insurance?
Whether you’re a single or double income household, the financial impact of your death could leave yourself or your family unable to cover mortgage payments or day to day expenses, thus putting you & them at risk of losing your home and livelihoods.
We can help you find a policy which will give you peace of mind that you and your family will be protected, regardless of what happens in the future.