Reasons homeowners with mortgages gave for not reviewing their life insurance include thinking it wasn’t necessary (39%) and that they could not afford it (37%).
The findings also reveal that 44% of homeowners who have a mortgage do not have any life insurance at all, and 10% of these people had life insurance but no longer do.
Scott Gorman, head of Sainsbury’s Bank Life Insurance, said: “Moving home can be an exciting but stressful experience and with such a long checklist of things to do, it appears that life insurance is often forgotten about.
“We would encourage anyone who is moving home or may have just moved to take some time to check their policy and the level of cover they have and make sure it’s suitable for their change in circumstances.”
The research also suggests that of those who do not have life insurance, 53% live with a partner and around one in five people live with children.
