Millions wasted on life insurance

Wed, 16 May 2007

According to a new report by the Post Office, people in the UK could be wasting as much as £40 million pounds every year through choosing to buy home insurance policies and life insurance cover from their mortgage provider as opposed to shopping around for the best deal possible.

The Post Office, a national institution in the UK, have claimed that as many as 46 per cent of all homeowners in the UK choose their home insurance and life insurance cover from their mortgage lenders, ten per cent of whom believed that it was compulsory.

Convenience, the Post Office argue, does not equal a saving in money . The head of insurance at Post Office Financial Services, Phil Ashkuri, reportedly commented: "Any homeowners don't realise taking out buildings and contents insurance with their mortgage lender is generally not the best value deal."
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