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'Protection is vital', says expert
6.06.2008
Plan Insure has warned those thinking of not taking out insurance that "protection is vital".
Simon Firmin, life and pensions adviser for Plan Insure, emphasised that neglecting to take out life insurance when getting a mortgage can be a "risky" tactic in the long term.
Commenting on the declining number of people taking out life insurance with their mortgages, Mr Firmin said: "It doesn't surprise me that, because of the difficulties people are facing, this problem has become more severe.
"But it is a risky strategy, for all sorts of reasons. Protection is vital," he added.
Research from My Mortgage Direct has revealed that one in five borrowers are signing up for life assurance along with their mortgage deals because many are struggling with their finances under the current economic conditions.
Mr Firmin advised people to take out life insurance with their mortgages, otherwise they may "never get around to doing it".
Simon Firmin, life and pensions adviser for Plan Insure, emphasised that neglecting to take out life insurance when getting a mortgage can be a "risky" tactic in the long term.
Commenting on the declining number of people taking out life insurance with their mortgages, Mr Firmin said: "It doesn't surprise me that, because of the difficulties people are facing, this problem has become more severe.
"But it is a risky strategy, for all sorts of reasons. Protection is vital," he added.
Research from My Mortgage Direct has revealed that one in five borrowers are signing up for life assurance along with their mortgage deals because many are struggling with their finances under the current economic conditions.
Mr Firmin advised people to take out life insurance with their mortgages, otherwise they may "never get around to doing it".