More than one third (36%) of mortgage holders in the UK hold no form of protection insurance, including life insurance, income protection (IP) and critical illness cover, according to research from LifeSearch and HomeOwners Alliance.
The research – which surveyed 500 UK mortgage holders – found that 46% noted they would struggle to keep up with their mortgage payments within six months if they experienced a loss of income due to injury or illness, while 21% would face difficulties within two months. When taking out a mortgage, 67% of respondents said they had a conversation about protection, either with a mortgage adviser, a bank or a family member. "These findings should serve as a wake-up call," said Paula Higgins, chief executive officer, HomeOwners Alliance. "It's deeply concerning that over 2 million mortgage...
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