Research has found that many Brits would need to sell their family home if their spouse died.
The findings showed that one in three (30%) UK adults would not be able to afford to stay living in their home if their partner died unexpectedly. Meanwhile, 35% would need to tap into their savings to make ends meet, and 18% would have to take on extra work.
The importance of protecting your mortgage
The survey found that keeping up with mortgage repayments was the biggest financial worry if a partner were to pass away unexpectedly. Respondents said they would be forced to turn to their family or friends (11%) for financial support, while others said they would have to take out a loan (10%) or take in a lodger (8%).
Despite these worries, 60% of respondents do not have a life insurance policy that includes mortgage protection. Concerningly, 80% said they do not have savings to fall back on in times of financial hardship.
Start the conversation
It can be difficult to think about what would happen if you or your partner died. But taking practical steps now to protect your home and family can give you valuable peace of mind.
As with all insurance policies, conditions and exclusions will apply
Your home may be repossessed if you do not keep up repayments on your mortgage
Sources:
https://www.thisismoney.co.uk/money/mortgageshome/article-15121547/One-three-Britons-forced-sell-family-home-partner-died-unexpectedly.html
https://www.actuarialpost.co.uk/article/1-in-3-could-lose-the-family-home-after-a-partners-death-25661.htm
