Approximately two-thirds of people polled in a new survey overestimated the cost of taking out a
life insurancepolicy, it has been claimed.
Research conducted by Legal & General revealed that some 65 per cent of people thought it was more expensive to take out £150,000 of life cover.
Karen Blatchford, commercial director for housing at the firm, said: "Just 38 per cent of the people we surveyed have
life insurance, which is a cause for concern."
She added that people may like to consider covering not only a mortgage debt, but also other expenses in order to help reduce the impact on family life should something unexpected happen.
In related news, the firm earlier this month noted that mortgage advisers are becoming generally more pessimistic as the year goes on. However, some 39 per cent of advisers said they believe the current housing market situation is likely to improve before the end of the year.
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