Mortgage debt exceeds the average life insurance pay out

clock
Mortgage debt exceeds the average life insurance pay out

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...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Exclusive access to our fortnightly Protection insight mini-podcast.
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Concerns raised over FCA's 'woolly' consumer duty plans
TCF

Concerns raised over FCA's 'woolly' consumer duty plans

'Little to no impact on firms already not meeting obligations'

Julia Bahr
clock 07 December 2021 • 4 min read
FCA opens Consumer Duty consultation to improve standards
TCF

FCA opens Consumer Duty consultation to improve standards

Based on proposals published in May

Jenny Turton
clock 07 December 2021 • 2 min read
FCA looks to strengthen appointed representative oversight regime

FCA looks to strengthen appointed representative oversight regime

“The level of harm we are currently seeing is too high”

John Brazier
clock 03 December 2021 • 1 min read