Uninsured borrowing 'stretches to trillions'
There is a "protection gap" stretching to trillions of pounds in the UK personal finance sector, according to one provider.
Sainsbury's Bank states that as much as £2.3 trillion of UK borrowing remains unprotected, largely due to people taking out mortgages without investing in life insurance cover.
This means that, should they die, no protection or help with money is afforded to other people in the family home.
Claire Moyles, a spokesperson for the firm, remarks: "Anybody aged 18 plus with a family really needs to be thinking about protecting their family and protecting their mortgage.
"There's a £2.3 trillion protection gap in the UK so there's a massive amount of under protection. It's obviously not top of everybody's agenda."
According to the Association of British Insurers, more than one in three Britons have no life insurance, while half of those who do have not reviewed it in recent years and may be underinsured.
Sainsbury's Bank states that as much as £2.3 trillion of UK borrowing remains unprotected, largely due to people taking out mortgages without investing in life insurance cover.
This means that, should they die, no protection or help with money is afforded to other people in the family home.
Claire Moyles, a spokesperson for the firm, remarks: "Anybody aged 18 plus with a family really needs to be thinking about protecting their family and protecting their mortgage.
"There's a £2.3 trillion protection gap in the UK so there's a massive amount of under protection. It's obviously not top of everybody's agenda."
According to the Association of British Insurers, more than one in three Britons have no life insurance, while half of those who do have not reviewed it in recent years and may be underinsured.
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