Sainsbury’s Life Insurance has found that around 38% of cohabitees who own their own home, do not have life insurance.
Of these cohabiting homeowners without life insurance, 46% say that they would have difficulty meeting their financial commitments should they or their partner no longer be able to work.
According to the Office of National Statistics (ONS) 43% of 25-34 year-olds are homeowners. The latest ONS figures also show that cohabiting couples are the fastest growing family-type in the UK.
Scott Gorman, life insurance manager at Sainsbury’s Bank, said: “Neglecting to take out life insurance could be a costly oversight, because when mortgages are held in joint names, both parties are equally responsible for paying it.
“Our research shows that many believe they would find it difficult to meet their financial commitments without their cohabitee’s income, so we would urge homeowners to consider life insurance.
“Some homeowners, especiallyyoung buyers may think that life insurance is an additional expense too far, but even taking out some cover to assist with mortgage payments would be better than nothing.”
