Post Office Recommends Life Insurance To Home Owners
75% of UK adults have no life insurance policy.
London, UK (PRWEB) June 20, 2009 -- Currently in the UK there are over 14.5 million owned homes according to the latest statistics from the Department of Communities and Local Government. This represents a 69.8 per cent share of total UK households1. However, Post Office Life Insurance research shows that over 75 per cent of UK adults do not have a life insurance policy2, meaning that there is a worrying disconnect between the number of home owners, including joint and single ownership, and the number of UK adults with adequate life insurance cover.
While there is no law that says home owners must have life insurance, many mortgage providers do encourage life insurance by making it a condition of the mortgage terms and many people consider life insurance to be a vital aspect of financial protection. Life insurance provides financial peace of mind if the worst were to happen. Taking out life insurance ensures that a mortgage will be completely paid off if the policyholder's death occurs during the policy term, bolstering any dependents' security.
Post Office Life Insurance recommends, as with any financial product, to shop around. Sometimes mortgage providers will offer their own life insurance cover. However, it is worth remembering that you are not obliged to take out their life insurance offering. You are entitled to invest in the life insurance policy that suits you best.
At a time when every penny counts, the expense of a life insurance policy may seem like an extra burden on top of mortgage repayments and the cost of living. However, with a range of life insurance quotes available, people can protect their loved ones and have much-needed peace of mind for as little as £5 per month.
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