"We know that almost half of those with a mortgage and Life Insurance took out a policy after speaking to a financial adviser."
- Ryan Griffin, Director of Protection at Beagle Street
Of those surveyed (2,000), almost three in ten (28%) of young adults aged between 18-40 in the UK revealed that they don’t have Life Insurance despite having purchased a mortgage. This equates to 1.7mn homeowners without a financial safety net if the worst were to happen.
Additional research commissioned by the insurer suggests that there was at least £433bn in unprotected mortgage debt in 2023. This represents the combined value of home loan debt that would be owed if an expected death were to occur.
Of those who have a mortgage but no Life Insurance, 23% said it’s because they don’t currently see it as a priority expense, followed by having never thought about it (22%), not being able to afford it due to the Cost-of-Living Crisis (22%), and simply not being able to afford it (19%).
When looking to buy Life Insurance, the most common resource those with a mortgage used was a financial adviser (44%), with only 16% going directly to a provider.
“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,” said Ryan Griffin, Director of Protection at Beagle Street.
“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,” he concluded.
