There has been a 47 per cent increase in mortgages not covered by life insurance since January 2006, according to findings by Sainsbury's Finance.
This suggests that there are over 7.1 million people with an outstanding balance of £318 billion on their mortgage who have no life insurance that would cover it in the event of their death.
Recession is thought to be partly to blame for this, as people may be focusing more on their present finances than those of the future.
Lucy Hunter, Sainsbury's Life Insurance manager, explained why life insurance is still as important as ever.
"[Insurance] is particularly important for homeowners, who should take care not to overlook life insurance as it can help to ensure peace of mind that the property is paid for upon death, allowing loved ones to continue living in the family home, and it could also alleviate any financial burden, therefore providing financial security," she said.
This news comes after it was announced by Halifax that sales of properties worth over £1 million have more than doubled in the past year.
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