It is the dream of many young people to climb the property ladder, and get the keys to their own front door, however research by Sainsbury’s Life Insurance indicates that around 38%(1) of cohabitees who own their own home, do not have life insurance.
Of these cohabiting homeowners without life insurance, 46%(1) say that they would have difficulty meeting their financial commitments should they or their partner no longer be able to work.
According to the Office of National Statistics (ONS) 43%(2) of 25-34 year-olds are homeowners. The latest ONS figures also show that cohabiting couples are the fastest growing family-type in the UK(3).
Scott Gorman, Life Insurance Manager, Sainsbury’s Bank said: “Neglecting to take out life insurance could be a costly oversight, because when mortgages are held in joint names, both parties are equally responsible for paying it.
“Our research shows that many believe they would find it difficult to meet their financial commitments without their cohabitee’s income, so we would urge homeowners to consider life insurance.“
There are two main types of life insurance, decreasing term which decreases roughly in line with the way a repayment mortgage reduces, and level term, which pays out a set lump sum. It’s important to consider what’s right for you and to seek advice if you’re unsure.
Scott added: “Some homeowners, especiallyyoung buyers may think that life insurance is an additional expense too far, but even taking out some cover to assist with mortgage payments would be better than nothing.”
Life Insurance from Sainsbury’s Bank offers premiums starting from as little as £5(4) per month. People can contact Sainsbury’s Bank Life Insurance for a quote or further information on 0800 027 7166 (calls may be monitored and recorded). Further information is also available at www.sainsburysbank.co.uk or in store at Sainsbury’s. Sainsbury’s Bank does not offer financial advice.
Sainsbury’s Bank Life Insurance is provided by Legal & General.
For further information, please contact:
Emma Murphy, Citigate Dewe Rogerson
020 7282 1072
Jennifer Johnston-Watt, Sainsbury’s Bank
0131 286 0779
Notes to editors:
This press release is information for journalists only and is not intended to be a promotion to be acted upon by consumers.
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