Mortgage debt to take its toll?

Posted: 26 Sep 2011 16:58:26 GMT

Many people will have great difficulty paying off their mortgage should their partner pass away.

Mortgage debt could be about to take its toll for many people in the UK as new research has shown 1.5 million individuals might not have enough life cover to pay off their mortgage should their spouse pass away.

Carried out by Gocompare.com, the investigation revealed the high number of adults who will be leaving behind sizeable home loan-related arrears if they were to die unexpectedly.

Just one-quarter of respondents claimed they have sufficient financial protection in place for such an eventuality.

Jeremy Cryer from the price comparison website - which was launched in November 2006 - said thinking about their own mortality is something people find particularly hard to do.

The industry figure observed: "It is important to plan ahead and make sure loved ones are financially protected when we are no longer around to look after them."

People should be thinking about cover that will be enough to at least clear any outstanding debts, he added.
 

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