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You’re worth more when you’re dead says insurers

Tahmina Mannan
Written By:
Tahmina Mannan
Posted:
Updated:
25/10/2012

1-in-3 people in the UK (34%) say they are ‘worth more dead than alive’ according to new research by Confused.com, but nearly 60% of those surveyed said they do not have life insurance.

According to the comparison site, ‘once you are gone, it’s too late to think about life insurance’.

Of the people surveyed, 40% also said they have dependents who could not pay the bills if they died.

According to the Association of British Insurers, insurers in the UK pay out £37m every day to help the descendants of cope with the death of loved ones.

According to the ABI, 1-in-10 admit that their loved ones would be without a home should they die.

Matt Lloyd, head of life insurance at Confused.com, said: “A debt such as a mortgage should ideally be backed up with life insurance so that it can be paid off in part or in full if one of the mortgage holders should die.

“The loss of a loved one is a stressful time without having to worry about not being able to afford the mortgage bills.”

30% of couples have a joint mortgage, while 57% have a joint bank account.

Confused.com said that this could mean they’d have to take on joint debt on their own if their partner died without life insurance.