Mortgage debt exceeds the average life insurance pay out

clock • 1 min read

Aegon recently released protection claims statistics that reveal people are likely to be under protected for the amount of mortgage debt they have.

According to figures from The Money Charity, the estimated average outstanding mortgage for the 11.1 million households with mortgage debt in the UK was £119,937 in January 2017. Stephen Crosbie, Protection Director at Aegon UK, said: "The latest figures from the Association of British Insurers (ABI) and Group Risk Development (GRiD) reported that life insurance claims paid out in 2016 had an average value of £75,000. "This implies that people could be under-protecting themselves based on their mortgage debt alone by around £44,937. Our own claims experience in 2016, reinforces this t...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Providers 'can do much more' for later life care: Vitality

Providers 'can do much more' for later life care: Vitality

41% of adults worried about affording care costs

Jaskeet Briah
clock 03 May 2024 • 1 min read
Women in Protection 2024: Morning round-up

Women in Protection 2024: Morning round-up

CEOs more likely to be called Simon or Andrew than be female

Jaskeet Briah
clock 02 May 2024 • 3 min read
Probate delays jump 65% for year-long cases

Probate delays jump 65% for year-long cases

Cases taking over six months rose 112%

Jaskeet Briah
clock 23 April 2024 • 2 min read