The findings suggest that there are nearly seven million people with a collective outstanding mortgage balance of £245 billion who have no life insurance to cover their mortgage and provide support to their dependents in event of their death.
On average, those who pay towards a mortgage and aren't covered by life protection are currently personally responsible for an outstanding balance of over £36,000.
Worryingly, many of those in age groups who are likely to have dependants are unprotected, with the research showing that one in three (33%) 35 to 44 year olds don't have life insurance to protect their mortgage payments, and nearly a third (30%) of 45 to 54 year olds do not have this type of cover.
Head of Sainsbury's Life Insurance, Helen Williams commented:
"Mortgage repayments are one of the biggest financial commitments in
many peoples' lives but, as our research shows, unfortunately it is not
something that enough mortgage holders have taken steps to protect.
"There could be many reasons for this, perhaps some may feel it is less of a priority than other items on their household budget however, being unprotected could have serious implications.
"Having life insurance gives those with a family peace of mind that
should the unthinkable happen and they die, their dependants can
continue living in the family home with the lifestyle they have without
worrying about the financial implications.
"We would urge anyone who doesn't have life insurance to consider taking out a policy, and those who do and have moved to a bigger house to make sure it is updated to reflect their mortgage commitment."
