Almost three in 10 (28%) young adults with a mortgage do not have life cover to protect them and their families, new research by Beagle Street has revealed.
The research by Beagle Street, surveyed 2,000 adults between the ages of 18 to 40 and asked them about their attitudes and behaviours towards life insurance.
Further research by the insurer 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, a quarter (23%) said it’s because they don’t currently see it as a priority expense, a fifth (22%) have just never thought about it and the same proportion (22%) said the cost-of-living crisis means they don’t have enough money to pay for it.
Slightly less (19%) reported that they simply can’t afford it.
When looking to buy life cover, the most common resource those with a mortgage used was speaking to a financial adviser (44%). Only 16% went directly to a provider.
Ryan Griffin, director of protection at Beagle Street, 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.”
