The only thing millions of Brits will be leaving to their loved ones is an outstanding mortgage loan, a new poll has revealed.
A survey by Go Compare of over 2,000 UK adults revealed in the event of their death, over two-fifths (42%) of mortgage holders would not have enough life cover to pay off their mortgage.
Only 28% of Brits said they have sufficient life insurance and savings to clear their mortgage and other debts, and provide a reasonable income for their family and dependents.
However, 58% of those surveyed said that if they had an extra tenner a month they would rather chance their luck on the National Lottery than spend it on life insurance.
Cost (64%) and apathy (24%) were the main reasons people gave for having insufficient cover, while over a third (34%) of those surveyed thought that they had left it too late to arrange adequate cover.
Jeremy Cryer from Gocompare.com said: "As our survey demonstrates, many people think life insurance is expensive, but in reality cover starts from as little as £5 per month - which for the vast majority of us will be a better bet than money gambled on the lottery.
"Even for older customers, a new policy doesn't necessarily mean unaffordable premiums. In recent years we have seen prices fall, and it's never been easier to shop around for competitive quotes."
