By Editor,Lucy Evans

Copyright dailymail

Almost one in three Britons would be forced to sell the family home if their partner died unexpectedly, new research reveals.

A lack of life insurance cover among homeowners means, alongside grieving a spouse, they could lose the roof over their heads as their monthly mortgage costs double.

This sudden increase in outgoings would force 30 per cent of people to put their home on the market, according to Tesco Insurance.

And that’s before other chunky outgoings such as childcare, bills and transport are considered.

Some 35 per cent of people would need to raid their savings pots to cope while 18 per cent admit they would be forced to take on an extra job or a side hustle just to keep afloat.

Savers are chronically under-buying valuable life insurance policies which could prevent homeowners being forced out of their family home.

Life insurance can help the surviving partner and any children remain in the house and not worry about paying the mortgage on a reduced household income.

There are many different types of life insurance you could take out.

Level-term insurance pays out an agreed lump sum if you die within a set time frame while decreasing term insurance pays out a lump sum which declines over the length of the agreement.

Many people take this out to decrease with their outstanding mortgage over time.

There’s also whole of life insurance which typically lasts for the rest of your life and will pay out a set sum when you die.

This is typically the most expensive but premiums will depend on your health, level of cove and personal circumstances.

But despite the financial risk, three in five of those with a mortgage don’t have one of these crucial policies which include mortgage protection.

Plus, four in five don’t have any savings earmarked for emergencies or financial security.

Mortgage payments are the top concern for households in the face of an unexpected death as 27 per cent said it is their biggest worry.

Some 11 per cent of people would need to turn to family or friends for financial help, 10 per cent would take out a loan wile 8 per cent would rent out a room or take in a lodger.

But it’s not just an expected death that homeowners need to beware.

Your household could be plunged into chaos if either your or your partner becomes unable to work.

However, critical illness cover could protect you against a financial crisis amid a serious diagnosis.

It costs an average of £27.90 a month for life insurance with critical illness cover, according to comparison website Reassured.

Ban Mahsoub, of Tesco Insurance, said: ‘Losing a loved one is devastating, but for many families, that heartbreak could be followed by the unimaginable loss of their home.

‘At a time when people should be focused on grieving and supporting each other, financial pressures can turn tragedy into a long-term crisis.

She said having conversations about death early is key. Talk to your partner about your financial situation, any existing protection policies and your wishes for the future.

‘Planning for a time when you’re no longer here – and having honest conversations about practical solutions like life insurance – can be difficult.

‘But having a plan in place brings real peace of mind and gives your loved ones the reassurance that at such a difficult time in their lives, they’re more likely to be financially protected,’ Ms Mahsoub said.

Then you should calculate the monthly costs of running your household – including mortgage payments, energy bills, food and childcare so you know how much money your family would need if your income was no longer there.

This means that an life insurance policy will be based on real-world needs.

Once you have your policy, review this once every year and keep it updated. You may have a new child, a change income or a larger house. Make sure your policy is aligned with your current lifestyle.

Update your beneficiaries, review your cover limits and make sure your documentation is easy for your family to access.

Do speak to a financial adviser if you are unsure about the cover you need.