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People should take out life insurance with their mortgage
06 June 2008
Homeowners should take out life insurance cover when they arrange a mortgage, claims an insurer.
Taking out a liability like a mortgage is a good time to assess the level of insurance cover for yourself and your family, according to Simon Firmin of Plan Insure.
Mr Firmin, life and pensions adviser for Plan Insure, said: "Our experience is that there's never a better time to review your protection needs [than when taking out a mortgage]."
While less people are taking out life insurance because the credit crunch is reducing household budgets, by shopping around and seeking advice consumers can find a deal which can suit them.
"It doesn't surprise me that, because of the difficulties people are facing, this problem has become more severe. But it is a risky strategy, for all sorts of reasons. Protection is vital," said Mr Firmin.
Research from My Mortgage Direct revealed that only one in five borrowers is signing up for life assurance along with their new mortgage deal.
