Life Insurance -
Life insurance being neglected by mortgage holders - 02/06/2008
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According to the mortgage broker, My Mortgage Direct, less mortgage borrowers are now signing up for life insurance policies. The credit crunch, which has yet to raise prices of life insurance, seems to be influencing borrowers seeking life cover as finances become stretched.
Cath Hearnden, of My Mortgage Direct was reported to have said: "Considering the huge financial commitment of a mortgage and what it represents to borrowers' lives, trying to save a few pounds by going without life cover is a big mistake.
She continued: “Of course it's hard to make ends meet in the current financial climate but it will be a great deal harder for one person to manage the mortgage payments on their own should their partner die. Life insurance is not an expensive commitment. In fact premiums have been revised recently and cover can cost considerably less than borrowers might think."
For those consumers that already have life cover, possibly through taking out a mortgage loan in the last few years, life insurance policies could be cheaper than they were and consumers could be eligible for a cheaper policy.
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