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Drewberry Insurance: Calculator Shows 1 in 10 First Time Buyers Die Before Mortgage Repayment

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Drewberry Insurance: Calculator Shows 1 in 10 First Time Buyers Die Before Mortgage Repayment PR Newswire LONDON, June 12, 2012 LONDON, June 12, 2012 /PRNewswire/ -- Drewberry Insurance launches a new calculator to help consumers understand the true risk of death during their mortgage term in order to highlight the importance of mortgage life insurance for family
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Drewberry Insurance: Calculator Shows 1 in 10
First Time Buyers Die Before Mortgage
Repayment
PR Newswire
LONDON, June 12, 2012
LONDON
,
June 12, 2012
/PRNewswire/ --
Drewberry Insurance launches a new calculator to help consumers understand
the true risk of death during their mortgage term in order to highlight the
importance of mortgage life insurance for family protection.
In 2011 there were 888,100 new mortgages and re-mortgages but only
571,000 mortgage related life insurance policies taken out (1). Although not all
of these borrowers may have required cover it does suggest there is still a
significant protection gap for mortgage life cover.
It is possible that borrowers underestimate the risk of passing away during their
mortgage term and therefore decide not to take out protection.
This
calculator is designed to educate mortgage borrowers on what the
risk really is in order to help with making a truly informed decision
about financial protection
.
Tom Conner, head of protection at Drewberry Insurance, says,
"As disposable
income falls due to high inflation and low wage growth there is a risk that
borrowers may see life insurance as a luxury and decide that the risk of passing
away isn't high enough to warrant taking out cover in this economic
environment.
"The trouble is that people often perceive the risk of passing away as being a
lot lower than it actually is. If this calculator helps to clear up this misconception
then consumers can actually make up their own minds as to whether cover is
worthwhile based on the facts, which is vital when family security is at stake."
How it works - Calculating the risk
After inputting your age, gender and mortgage repayment length the mortgage
life insurance calculator returns the likelihood that you would pass away during
the mortgage term.
As an example, assuming a 30 year mortgage is taken out and the average age
of a first-time buyer is 33 years old (2), an estimated
1 in 10 male and 1 in
15 female first time buyers would die during the mortgage term.
Naturally the calculator does not take into account smokers versus non-
smokers and other individual health or lifestyle factors but serves as an
average based on Office for National Statistics (ONS) mortality estimates (3).
Notes to editors
Data reference sources:
(1)
http://www.protectionreview.co.uk/images/uploads/ePR_142_April_20121.pdf
(2)
http://www.cml.org.uk/cml/publications/newsandviews/104/390
(3)
http://www.ons.gov.uk/ons/publications/re-reference-
tables.html?edition=tcm%3A77-223324
About Drewberry Insurance
Drewberry Insurance is a trading name of Drewberry Ltd, which operates as a
whole of market insurance intermediary in the health and protection insurance
markets. Drewberry Insurance offer specialised insurance broking services for
a range of individual and group policies, through the following focused
websites:
http://www.drewberrygroupinsurance.co.uk - Informational resource for
implementing group health and protection schemes as part of an employee
benefits offering.
http://www.drewberryincomeprotection.co.uk - Informational resource for
arranging income protection insurance and accident and sickness insurance.
http://www.drewberryhealthinsurance.co.uk - Informational resource for
arranging both individual and family private health insurance.
Drewberry Ltd is an appointed representative of Chase Templeton Ltd which is
authorised and regulated by the Financial Services Authority, register number
311612. Registered address: Vantage House, 1 Weir Road,
London
, SW19 8UX.
For further information please contact:
Andrew Jenkinson
Drewberry Ltd
Vantage House
1 Weir Road
London
SW19 8UX
+44(0)20-8432-7334
http://www.drewberryinsurance.co.uk
enquiries@drewberryinsurance.co.uk
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