Almost three in 10 (28%) young UK adults with a mortgage do not have life cover to protect them and their families.
This is according to a survey of 2,000 adults aged between 18 and 40 by Beagle Street which also found that of those who have a mortgage but no life insurance, a quarter (23%) said it was because they do not currently see it as a priority expense.
Another fifth (22%) have just never thought about it and the same proportion (22%) say the cost-of-living crisis means they do not have enough money to pay for it.
Slightly less (19%) report that they simply can’t afford it.
When looking to buy life cover, the most common resource those with a mortgage used was speaking to a financial adviser (44%). Just 16% went directly to a provider.
Ryan Griffin, director of protection at Beagle Street, said: “It’s really important for people to put plans in place and protect themselves and their families if the worst were to happen.
“We understand life insurance might not be something people want to think about, but it really can make a huge difference to those who need it.
“We know that almost half of those with a mortgage and life insurance took out a policy after speaking to a financial adviser.
“So, advisers are vital in making sure people have life insurance that is right for them.”
