Life Insurance -
Mortgage holders urged to shop around - 09/06/2008
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Homeowners who choose to take out life insurance with their mortgage provider could be wasting a collective £310million each year, research from the Post Office has revealed.
The study found that 34 per cent of people completing a mortgage application decided to buy life insurance at the same time from the same provider. This failure to shop around has meant that homeowners could be spending an unnecessary £2,000 each.
Head of protection at the Post Office, Duncan Caesar-Gordon, said: "Homeowners' finances are already being stretched on a daily basis, so it's essential that people save money where they can.
"This is why it's vital that homeowners understand it is not a requirement to take out it is not a requirement to take out life insurance with the same company which provides your mortgage.
"People have the right to shop around across the market and decide for themselves which product offers them the best value and is the most suitable for their life cover needs." he added.
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