We would urge anyone who doesn't have life insurance to consider taking out a policy.
(PRWEB UK) 7 November 2011
Four out of ten mortgage holders in Britain (41%) do not have their mortgage contributions covered by life insurance, according to new research(1) from Sainsbury's Life Insurance. The findings suggest that there are nearly seven million people with a collective outstanding mortgage balance of £245 billion who have no life insurance to cover their mortgage and provide support to their dependents in event of their death.
On average, those who pay towards a mortgage and aren't covered by life protection are currently personally responsible for an outstanding balance of over £36,000.
Worryingly, many of those in age groups who are likely to have dependants are unprotected, with the research showing that one in three (33%) 35 to 44 year olds don't have life insurance to protect their mortgage payments, and nearly a third (30%) of 45 to 54 year olds do not have this type of cover.
Head of Sainsbury's Life Insurance, Helen Williams commented: "Mortgage repayments are one of the biggest financial commitments in many peoples' lives but, as our research shows, unfortunately it is not something that enough mortgage holders have taken steps to protect. There could be many reasons for this, perhaps some may feel it is less of a priority than other items on their household budget however, being unprotected could have serious implications.
"Having life insurance gives those with a family peace of mind that should the unthinkable happen and they die, their dependants can continue living in the family home with the lifestyle they have without worrying about the financial implications. We would urge anyone who doesn't have life insurance to consider taking out a policy, and those who do and have moved to a bigger house to make sure it is updated to reflect their mortgage commitment."
Sainsbury's Life insurance premiums start from as little as £5 a month (which is 16p per day)(2) and are among the most competitive available, regularly appearing in best-buy tables. The provider was recently awarded Most Competitive Term Assurance Direct Provider at this year's Moneyfacts Awards.
New Sainsbury's Life Insurance customers will benefit from double Nectar points on all Sainsbury's shopping in-store, online and in petrol filling stations for two years. When using their Nectar card in-store at the till customers could benefit from the equivalent of up to 2% off their Sainsbury's purchases(3). For example, those spending £49 a week in-store at Sainsbury's could, over a year, earn up to a week's free shopping(4).
When you know what cover you require, please contact Sainsbury's Life Insurance for a quote or for further information on 0800 027 7166 (calls may be monitored and recorded). Further information is also available at http://www.sainsburysfinance.co.uk/ or at Sainsbury's supermarkets. Sainsbury's Life Insurance does not offer financial advice.
Notes to Editors:
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
(1) 719 GB adults with a mortgage were interviewed by ICM in an online survey between 16th and 18th September 2011. Interviews were conducted across the country and the results have been weighted to the profile of all adults. ICM is a member of the British Polling Council and abides by its rules. Further information at http://www.icmresearch.co.uk
(2) Sainsbury's Finance Life Cover (Level Term Assurance and Mortgage Decreasing Term Assurance) is provided by Legal & General Assurance Society Limited. The cost of life cover will depend on the customer's age, term of the policy, options selected and state of health.
(3) Terms and conditions apply, see http://www.sainsburysfinance.co.uk for full details. Points are not available on a limited range of Sainsbury's goods and services - see in-store or sainsburys.co.uk/nectar for details.
(4) Week's free shopping earned by combining base points earned in-store/online and offer bonus points for 2 years when you collect double Nectar points with selected finance products. For example, £49 per weekly spend over a year earned 10,912 Nectar points = £50 approx to redeem in-store. Bonus Nectar points subject to a monthly maximum of 2,500 points per qualifying product type per month.
To view our latest press releases and product information, please visit the Sainsbury's Finance online media centre at http://www.sainsburysfinance.co.uk/media
Sainsbury's was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury's Finance provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.
Sainsbury's Finance recent awards include Best Overall Online Provider, Best Online Pet Insurance Provider, Best Online Personal Loan Provider and Best Direct Home Insurance Provider at the Your Money Awards 2011. It was also named Most Competitive Term Assurance Direct Provider at the Moneyfacts Awards 2011.
Sainsbury's Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.
For further information and general Sainsbury's Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit http://www.sainsburysfinance.co.uk/