Over five million UK mortgage holders have no protection in place to cover their monthly payments if they become too ill to work, research from Royal London has found.
A survey of over 2,000 homeowners reveals 52 per cent have not protected their mortgage payments, equating to 5.2 million people in the UK.
Some 26 per cent of respondents admit they do not know how long they could survive financially if they became too ill to earn, while 11 per cent said they would not know where to find financial advice in such circumstances.
Over a third of those with no mortgage protection plan in place said they had thought about it, while 18 per cent admit to never thinking about what they would do in the event of falling ill.
The findings come as Royal London joins the charity-led ‘Seven Families’ protection awareness initiative.
Royal London head of protection proposition for intermediaries Debbie Kennedy says: “Our research highlights how many UK mortgage holders are in a vulnerable position – unsure how they’d cope financially and who they would turn to for financial advice.
“We urge mortgage holders to consider how they would cope if they became too ill to earn.”
