A recent poll has revealed that 64% of people who have moved up the property ladder in the last five years did not review their life cover when they took on a bigger mortgage.
The poll also revealed that 44% of homeowners who have a mortgage have no life cover at all and worse one in five of those with no cover had children.
So let us assume you moved to your ideal family home, you have a mortgage of £250,000 and live happily with two kids and a dog. You have an existing life assurance policy that you took out with your original mortgage for £100,000 but it was on a decreasing basis so chances are it well less than that – if the worst happens can you confidently say your partner:
- Would be able to pay the remaining mortgage of at least £150,000?
- Cover the all bills?
- Keep the kids in the style they are accustomed to?
- Would be able to pay for the dog?
Life cover is one of those things so easily overlooked, moving is stressful, decorating is exciting and it is all too easy to forget about life cover.
Craig Harwood from our Chichester office says “Fortunately life cover is cheaper than many people realise and by shopping around you can get good cover for the same weekly price as your take away coffee. It not only makes sense to review your cover when you move home but those who took out policies a few years ago, or those who got trapped into a policy by a mortgage lender could find they can save money with a new policy”
To review your life cover call us on 0800 612 8099.