Importance of sorting out life insurance highlighted
First-time buyers and adults with young children should make life insurance a priority, according to financial advisers.
Dominic Mansley, the managing director of Key Financial Consultants recommended that people look at their cover options when they first get a mortgage.
"If it’s a single person looking to buy a flat by themselves, and they’ve got no dependants, then we wouldn’t really worry about a lack of life cover," commented Mr Mansley.
"However, if it’s a young family with children then we would very much make them aware of the need," he added, highlighting that life cover protects dependants who are left to pay off mortgage debt after a death.
Research carried out on behalf of Bright Grey recently revealed that more Brits spend their money on home contents insurance and travel cover than on life insurance.
The provider emphasised that even those with no dependants who feel that they do not need life cover should consider critical illness cover or income protection.
According to the Association of British Insurers, a third of all Britons have no life insurance all.
The Insurance Helpline specialises in obtaining cover for people living with medical conditions.
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