Mortgage debt exceeds the average life insurance pay out

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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...

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