22 Dec 2024

Mortgage protection why have any?

There are many reasons to protect your mortgage, the statistics below give you details on illness and death that many of us do not want to know. Once you have looked at these if you require more help deciding if you can afford to have mortgage protection. Simply click on the link to the Governments website Beginner's Guide to Benefits to see if you can afford not to.

Mortgage Death Statistics
Over 1,388 people die in Britain every day
Source: National Statistics Online, 11/2013
Every week 3763 people are killed or injured in road traffic accidents
Source: ROSPA Dec 2012
50% of people have a mortgage with no associated life cover
Source: Scottish Widows survey of 05/2014
Owner occupation is just under 65% in the UK
Source: The Guardian 2014

 

Critical Illness Statistics
More 300,000 people were diagnosed with cancer in 2011
Source: Cancer Research UK, 01/2014
28%of deaths in Britain are caused by disease of the circularly system
Source: ONS 07/2014
Over 66% of all CI claims are for cancer
Source: Scottish Widows 2014
152,000 people each year in England and Wales suffer their first stroke – that’s one stroke every five minutes
Source: The Stroke Association, 01/2013
1 in 3 of us are likely to be diagnosed with a critical illness in our lifetime
Source: Bright Grey 2014
In the UK in 2011 around 49,900 women were diagnosed with breast cancer, that’s more than 130 women every day
Cancer Research 2014
Critical Illness Claims Stats

 

Income Protection statistics
An employer is only obliged to pay the equivalent of statutory sick pay, currently £57.35 a week (for the 2014/15 tax year), and then for only up to a maximum of 28 weeks
Source: direct.gov.uk 2014
5.2 million people in the UK are currently claiming income support
Source: Govuk
800,000 people are currently signed off sick from work and claiming disability benefits for mental health issues. A further 400,000 people are claiming other out of work benefits do so because of mental health reasons
Source: Telegraph 02/2014
50% of all our income protection claims in 2013 were for Mental Disorders and Musculoskeletal Disorders
Source: Friends Life = 2014 Income Protection Claim Stats

 

Unemployment Statistics
Over 1 in 3 mortgage advances have mortgage payment protection insurance attached
Source: Council of Mortgage Lender, H1 2003
1 in 20 of all those who are able to work in the Britain are unemployed
Source: National Statistics Online, 11/2003
The average length of an unemployment claim has risen to 175 days in 2003 from 141 days five years earlier
Source: Council of Mortgage Lender, H1 2003

 

You may also be interested in:

• Term Life Insurance Explained
• Critical Illness Protection Explained
• Income Protection Explained
• Accident Sickness Unemployment Explained
• Life Insurance Advice
• Mortgage Budget Planner
• Mortgage Top Ten

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