Duncan Caesar-Gordon head of protection at the Post Office recently expressed concern for homeowners who had opted to purchase their life insurance protection from the providers of their mortgage. The reason for his concern comes from the results of a Post Office survey that highlighted some of the overpriced products being offered to those looking to take out or move their mortgage.

When financing a large purchase like that of a property it makes sense to protect it not just for yourself but also for your loved ones. Although you are working now, tomorrow holds no guarantees and with health being far from discriminatory it is essential you cover yourself for the eventuality that you will not be working tomorrow.

So whether it’s ill health, unemployment or the worst case scenario, your untimely demise that stops you being able to make your monthly payments, life insurance offers you the peace of mind that subsequent payments will be made on your behalf.

It is undoubtedly an essential form of cover but not when it’s forcing you to spend money you don't have on a product that could potentially cost you more than £2,000 extra than it needs to. Over a 25 year mortgage the Post Office noted a range of between £13 and £20 could in fact cost customers an additional £2,000.