Homebuyers advised to take out life insurance

Fri 6 Jun 2008 - Published in Life Insurance

Not taking out life insurance with your mortgage is a "risky strategy", a financial adviser for Plan Insure has advised.

Simon Firmin said that taking out a mortgage is an ideal opportunity to "review your protection needs" and he warned "if you don't do it then, you'll probably never get around to doing it".

He added that in the present economic climate people's reluctance to spend money on life insurance is understandable and he said that he was not surprised that the credit crunch was exacerbating the problem.

However, he insisted that "protection is vital" and stated that, by shopping around and seeking advice, customers can find a good deal.

Research from My Mortgage Direct found that only one in five borrowers is signing up for life insurance along with their new mortgage deal due to financial restraints brought about by the credit crunch.

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