Scottish Widows reveals further falls in protection cover

Protection cover among mortgage holders has dropped since last year with only 50 per cent currently owning life insurance, compared with 54 per cent in 2013, according to Scottish Widows.

Just 17 per cent of mortgage holders have critical illness cover, down from 20 per cent in 2013 and 7 per cent hold income protection, a drop of 3 per cent since last year, according to the latest Protection Report from Scottish Widows.

Richard Jones, director of annuities, bancassurance and protection at Scottish Widows, said: “Protecting a home is about protecting a way of life that encompasses family, community and often a business.

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“With this in mind, the impact of losing a home could be even greater than we initially realise. While affordability cannot be ignored, people with mortgages do need to review and develop a more robust plan to ensure they are protected should the unforeseen happen.

“It is all about making sure you have the right cover at the right time of your life, giving people the peace of mind that their families will be able to keep their home and be financially covered come what may.”