According to Legal & General's 'Moving Intentions' survey only one third of people surveyed protected their mortgages with payment protection insurance or critical illness cover.
Many people do have life insurance cover but only sufficient to cover their outstanding mortgage. Many people do not think of the problems for the rest of their family, should anything happen in terms of death, redundancy or serious illness.
Protecting your family can be exceptionally cheap and put in place easily. You are able to protect your income in the event of redundancy or long-term sickness. You can also protect your family in the event of your death and should you become seriously ill.
If you do have cover and it has been in place for a while, it is definitely worth checking to see if cover can now be obtained cheaper. Rates have fallen drastically over the last five years meaning that you could either reduce your premiums for the same level of cover or increase your cover for the same premium.
How much would life insurance cost you? Compare the costs of life insurance now .