"Losing a loved one is devastating, but for many families that heartbreak could be followed by the unimaginable loss of their home."
- Ban Mahsoub, partnerships director at Tesco Insurance & Money Services
Of those surveyed (2,008, including 1,031 homeowners with a current mortgage), 30% say they would be forced to sell their family home if a partner or co-owner were to die unexpectedly.
More than a third (35%) say they would need to utilise savings, whilst 18% admit they would be forced to take on a second job to remain financially resilient.
Mortgage repayments was the most common financial concern in the event of unexpected death (27%). 11% said they would need to rely on family or friends, 10% would need to take out loans, and 8% would need to rent out a room or take in a lodger.
Despite the scale of the risk, 60% of those with a mortgage don’t have a life policy that includes mortgage protection, and four in five (80%) have no savings for emergencies or financial security.
“Losing a loved one is devastating, but for many families that heartbreak could be followed by the unimaginable loss of their home. At a time when people should be focused on grieving and supporting each other, financial pressures can turn tragedy into a long-term crisis.
“Planning for a time when you are no longer here and having honest conversations about practical solutions such as Life Insurance can be difficult. But having a plan brings real peace of mind and gives your loved ones the reassurance that, at such a difficult time in their lives, they are more likely to be financially protected,” explained Ban Mahsoub, partnerships director at Tesco Insurance & Money Services.
