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Quarter of homeowners have no repayment cover

Almost a quarter of homeowners in the UK are leaving their families’ futures uncertain by failing to cover their mortgage debts in the event of their death, according to Friends Provident.

The figures suggest that homeowners are putting the contents of their homes before the house itself and, despite an estimated 2tn protection gap, 92 per cent have contents insurance while only 69 per cent have cover for mortgage repayments.

Seventy-eight per cent of respondents acknowledge that the property owner should be responsible for ensuring that family members are looked after if they die.

Friends found a poor gen-eral level of understanding about protection products. Only 28 per cent of homeowners could correctly identify term insurance as providing a tax-free lump sum in the event of death while 41 per cent admitted they had no idea what it was.

Head of protection marketing Ian Jefferies says: “The key thing for people to remember is that life insurance can soften the financial difficulties for loved ones should the worst happen.”

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