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New home buyers are being advised to buy life insurance when they are taking out a mortgage as ‘there is never a better time’ to get this kind of cover according to Simon Firmin, a life and pensions advisor of Plan Insure.
As a result of the credit crunch being experienced throughout the world, it seems as important as ever for borrowers to have insurance.
Firmin said, “I don’t know what the ratio was before the crunch hit, but there was a fair proportion of people who wouldn’t take out the full protection anyway; they might take out just the basic life cover, or something like that.”
Research from My Mortgage Direct revealed that only one in five borrowers had signed up for life insurance when taking out a mortgage.
Firmin stated that just taking out basic cover was a ‘risk strategy’ and claimed that having cover was now ‘vital’ for mortgage holders.
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