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UK mortgage holders lack life cover

Date: Tue, 14 Jun 2005

Nearly a quarter of UK mortgage holders do not have adequate life insurance to cover their debts if they die.

A study, commissioned by Friends Provident and the FTSE 100 life and pensions company, shows that one in fifty adults will die before their retirement but that many see life insurance as an unnecessary expense.

London residents were the worst covered, with 30 per cent claiming to have no policy in place, compared to just 14 per cent in Scotland who have opted not to have life insurance cover.

"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," said the head of protection at Friends Provident, Peter Hamilton.

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

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