Mortgaged and Unprotected: The Alarming Reality for UK’s Young Homeowners

As a young homeowner, there’s a sense of pride and accomplishment that comes with finally getting on the property ladder. But, have you stopped to think about the what-ifs? What if something were to happen to you, leaving your loved ones to foot the bill for your mortgage? It’s a daunting thought, and one that’s often pushed to the back of our minds. However, recent research from Beagle Street reveals a staggering truth: almost three in 10 young UK adults with a mortgage do not have life cover.

A worrying reality for many UK homeowners.

The numbers are stark. Nearly 1.7 million UK homeowners aged between 18 and 40 have mortgages without life insurance, leaving a whopping £433 billion of mortgage debt uncovered. That’s the combined value of home loan debt that would be owed if an expected death were to happen. It’s a figure that’s hard to ignore, and one that should serve as a wake-up call to young homeowners across the country.

So, why are so many of us neglecting to take out life insurance? The reasons vary, but for many, it simply doesn’t seem like a priority expense. A quarter of those surveyed said it wasn’t a priority, while a fifth had just never thought about it. The cost-of-living crisis is also playing a role, with 22% saying they don’t have enough money to pay for it.

The financial burden of a mortgage can be overwhelming, but it’s crucial to consider the implications of not having life insurance.

It’s not all doom and gloom, however. The majority of those surveyed did seek advice when looking to buy life cover, with 44% speaking to a financial adviser. This is a positive step, as it demonstrates a willingness to take control of one’s financial situation.

As Beagle Street’s director of protection, Ryan Griffin, so aptly put it: “It’s really important for people to put plans in place and protect themselves and their families if the worst were to happen.” It’s a message that echoes loudly, and one that we should all take heed of.

Protecting your family’s future is crucial. Don’t leave it to chance.

So, what can you do? Take the first step today and explore your life insurance options. It may not be the most pleasant thing to think about, but it’s a crucial aspect of being a responsible homeowner. Your loved ones will thank you for it.

Don’t leave your mortgage uncovered. Get life insurance today.