Saving money on life insurance policies

Mon, 28 Apr 2008

Many UK consumers take out a life insurance policy automatically with their mortgage lender, rather than shopping around for the best deal on the market. UK mortgage lenders often expect borrowers to take out life insurance, but the cheapest deals on the market can often be much more competitive.

A recent survey by the Post Office found that 34% of mortgage borrowers purchased life insurance from their mortgage lenders . Furthermore, the survey found that some 35% of these borrowers said that they felt pressured into purchasing the insurance policy, or were even unaware that they could buy a policy elsewhere.

Experts in the market make it clear that taking out a life insurance policy with a mortgage lender in not compulsory, and that potential savings could exceed thousands of pounds over the life of a policy.

Particularly now, with the credit crunch depending and mortgages even more expensive, for many borrowers every penny counts. Saving money on life insurance, experts say, could simply be a matter of looking for a quote and choosing the best deal possible.
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LV 50 Plus Plan

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