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60% fail to update life cover when circumstances change


60% fail to update life cover when circumstances change.

Sainsbury's Life Insurence is warning that over five million Britions could be putting their dependantsat risk of serious financial difficulty after research revealed that 60% of people with life insurence admit failing to update their level of cover following a significant change in their personal circumstances.

Research carried out by the provider shows 82% of respondents have not updated their life cover after changing jobs, 65% have not done so after having children and 59% have failed to do so after buying a home.

It also reveals that 46% have not updated their cover after getting married and 42% have not done so after upgrading to a house that required a bigger mortgage.

David Cook of Sainsbury's Life Insurence says: "Many people invest in life insurence when they buy their first hme as they want peace of mind that they're covered should anything happen and they're unable to pay the mortgage.

"However, clearly people are overlooking the need to update their level of cover once their personal circumstances change."



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