UK Money News
6th June 2008
Shunning life assurance to cut costs is a "risky strategy"
Homeowners who opt to go without life assurance with a new mortgage in a bid to save money are choosing a "risky" game, a financial adviser has warned.
According to data from My Mortgage Direct found that only one in five borrowers is currently signing up for life assurance along with their new mortgage deal
The trend is thought to being fuelled by the added restraints on finances brought on by the credit crunch and the rising cost of living.
Responding to the findings, Simon Firmin of Plan Insure, dubbed this approach a "risky strategy" and said that the possibility of an economic downturn ahead means that protection is "vital".
He added: "Our experience is that there's never a better time to review your protection needs [than when taking out a mortgage] - and if you don't do it then, you'll probably never get around to doing it."
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