The company is warning homeowners that this is simply not good enough.
Cpommenting on the findings, Ronnie Martin, director of protection, said: “Too many homeowners are still risking the roof over their head by not properly protecting their mortgages.”
Moving Intentions shows that 21% of mortgage holders now have payment protection insurance and another 4% have critical illness cover. A further 11% have both payment protection insurance and critical illness cover. However Legal & General’s survey also shows that another 36% of mortgage holders have no payment protection insurance or critical illness cover whatsoever.
Ronnie Martin said, “Our last Moving Intentions survey identified that over 90 per cent of people have taken out life cover purely to protect their mortgages. In the light of this and despite the Mortgage Code requiring advisers to discuss the need to protect mortgage payments against unforeseen events such as serious illness, it is surprising that so many homeowners are turning down these other very sensible precautions”.