The average life insurance pay-out is lower than the average mortgage debt – Cambridge Life Insurance Broker
May 25th, 2017
British homeowners are not taking out adequate amount of life insurance to cover their mortgage debt research has shown.
The average outstanding mortgage debt in the UK was estimated to be £119,937 in January 2017, according to The Money Charity .
But the average life insurance claim paid out in 2016 had a value of £75,000, figures from the Association of British Insurers (ABI) reveal .
That means homeowners are under-protecting themselves by an average of £44,937, just on mortgage debt alone.
To assure that you have a sufficient level of life insurance cover in relation to your current mortgage balance, please contact us today and we can provide you with a no obligation life insurance quote.