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Brits skimping on life insurance

Date: Mon, 16 May 2005

Nearly a quarter of UK mortgage holders do not have enough life insurance cover to pay off their mortgage debts, according to a new study.

The research, commissioned by Friends Provident, concludes that one in fifty adults could face death before they retire, however the majority regard life insurance as unnecessary.

The head of protection at Friends Provident, Peter Hamilton, said: "Most people are happy to insure their house, its contents, their car, travel plans or mobile phone but often give little thought to insuring the income that pays their mortgage and funds their lifestyle.

"Life assurance cannot lessen the emotional impact of such events but it can soften the financial difficulties should the worst happen."

Londoners were the worst death insurance holders, with 30 per cent admitting they have no cover, whilst that figure falls to just 14 per cent in Scotland.

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