Research carried out for Bright Grey has revealed that only 11% of people in the UK consider mortgage protection a priority.
The research revealed even more puzzling results when people were asked what they do in fact insure. More people in the UK spend their money on home contents insurance and travel insurance than on life cover. And almost as many insure their credit cards and have central heating breakdown cover, as protect their mortgage payments.
Roger Edwards, product director at Bright Grey, says: I would have expected many more people to rank life cover as the most important insurance to have.
Less than a quarter of people protect their mortgage and over three times more people insure their home contents. This is a real worry. And although people seem to know how important life insurance can be, many simply arent taking out the cover.
Many people seem to have lost sight of their real priorities. Their financial savvy seems to have gone out the window when deciding what insurance to buy. All this points towards the need for consumers to seek advice when it comes to cover, to help them understand their priorities, the options they have and to get the right things insured.