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

Over one third of Gen Z don't see protection need for under-35s

Over one third of Gen Z don't see protection need for under-35s

Vitality research findings

Jaskeet Briah
clock 27 May 2026 • 2 min read
MetLife UK launches virtual physio

MetLife UK launches virtual physio

Available to individual protection customers

Cameron Roberts
clock 26 May 2026 • 1 min read
The COVER Review: Protection sales, fit notes and long-term care

The COVER Review: Protection sales, fit notes and long-term care

Week commencing 18 May 2026

COVER
clock 22 May 2026 • 1 min read