Millions wasted on lender life insurance

Fri, 18 Apr 2008

According to financial services provider the Post Office, those life insurance customers who take out a policy with their mortgage lending could, as a group, be paying over £310 million over the odds.

Research by the PO indicates that as many as 34 per cent of people that complete a mortgage application choose life insurance policies with their mortgage provider . Over the life of a policy, this could cost over £2,000 more than the cheapest policy on the market.

Whatever the reason for UK consumers to choose life insurance from their mortgage lender, the PO made it clear that people need to save money where they can in the current financial climate.

Duncan Caesar-Gordon, the head of protection at the PO, reportedly said: "People have the right to shop around across the market and decide for themselves which product offers them the best value and is the most suitable for their life cover needs."
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