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The Life Insurance Market
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One third of people with a new mortgage are not taking out a life insurance product relating to it, according to a new report.
Defaqto indicate that of the 925,000 new mortgage advances last year, fewer than 640,000 (636,973) took out a policy which could help pay for it, should the mortgage holder not be able to.
Defaqto's Insight Analyst for Protection, Ben Heffer, remarks that "the figures suggest that there are many people taking on debt whose loved ones would have no means of paying it off for them if the worst happened."
He adds that with unemployment still a big concern, there is also a lack of people taking on income protection policies too.
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