Royal London says Brits rank life above mortgages

15 November 2006
Almost 40 per cent of British consumers believe life insurance is the most important insurance cover, according to research from Bright Grey, the protection specialist arm of Royal London.

Meanwhile, 23 per cent of consumers cited home contents as their top insurance priority, while only 11 per cent rated mortgage insurance as their prime concern.

"It's astounding to see protecting mortgage payments so far behind contents insurance", commented Bright Grey's product director Roger Edwards.

"Surely running the risk of losing your home is a bigger concern than losing your TV and DVD?" he added.

Edwards described the failure of most Britons to take action to insure their mortgage as "a real worry".

Getting mortgage insurance could be more important than ever at a time when the number of mortgage-holders defaulting on repayments and facing repossession is rising.

Citizens' Advice Bureaux revealed last week that housing debt had risen by 20 per cent over the past year, with 10,000 people contacting the bureaux for help with threatened repossession.

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