Nearly 6m homes could be at risk because the owners are not covered by any form of protection insurance, according to research from life and pensions provider Friends Life.
The research found that 57 per cent of 3,777 homeowners with a mortgage do not have any form of protection insurance which means they would have to find a way to cover their monthly mortgage repayments even if they were unable to work.
The data also showed that nearly 60 per cent said their main source of income if they were diagnosed with cancer and unable to work would be their partner’s salary or savings.
This is despite almost half of mortgage payers admitting they have £10,000 or less in savings and investments.
Steve Payne, managing director of UK protection at Friends Life, said: “To find that 6m homes are at risk because the owners have no financial safety net protecting them is almost unbelievable.
“Buying a house is the biggest investment most people will ever make and it’s hard to comprehend why people wouldn’t want to safeguard that.
“It has never been more important for people to be getting advice about protection insurance. Property prices are continuing to rise so a home as an investment is getting more valuable – another reason why protecting it is so important.”
Life insurance continues to be the most popular form of protection, the research showed. However, only 38 per cent of mortgage payers hold a policy.
