Life insurance with mortgage provider could be costly

Tue, 05 Jun 2007

According to a recent report by the Post Office, those consumers who choose life insurance and other forms of insurance through their mortgage provider could be saving money by shopping around for deals. The total amount lost by failing to consider other insurance avenues, the Post Office estimate at £600 million.

When borrowers take out a mortgage loan, they are often offered home and life insurance policies . Apparently, as many as one in ten borrowers chose life insurance through their mortgage provider because they believed it to be a compulsory purchase.

Apparently, as many as 63 per cent of people fail to search for cheaper insurance deals due to convenience. The head of insurance at Post Office Financial Services, Phil Ashkuri, reportedly commented: "Convenient doesn't always mean cheap. Many homeowners don't realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal."
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

 

 

newsnews rss
Life Insurance news
Life insurance health rewards - Thu, 20 Nov 2008
Life insurance downturn due to credit crunch - Tue, 18 Nov 2008
New premiums for life insurance policies - Mon, 17 Nov 2008
More News

LV 50 Plus Plan

The LV 50 Plus Life Insurance Plan from Liverpool Victoria is cover for people over the age of 50.
Click here to apply

Mortgages

Would you like to save money on your mortgage? YES! Fill out our Quick Enquiry Form