More and more couples are jumping on the property ladder together in order to achieve their desired home. But a worrying proportion still fail to review life insurance when they take this significant step.
Cohabiting couples are the fastest growing family-type in the UK, and according to a survey from Sainsbury's, 38% of cohabitees who own their home do not have life insurance, with 46% admitting that they'd have difficulty meeting their financial commitments if they lost income due to the death of a partner.
When mortgages are held in joint names, both parties are equally responsible for paying it. So by neglecting vital life insurance, homeowners could be placing their partner under considerable financial strain if anything should happen in the future.
Unfortunately, many are put off by the cost of life insurance, but this needn’t be the case. With significant amounts of money involved with the purchase of a property, it is always sensible to take this precaution because failing to do so could be an expensive oversight. If the homeowner left behind couldn’t afford the mortgage by themselves, the property could be lost. Something that could easily be avoided!
This is where a tax-efficient Relevant Life policy can provide the vital protection in the event of a partner’s death. To find out more about Relevant Life and the savings available, give the Relevant Life team a call.