Half of consumers believe it is compulsory to buy life insurance when taking out a mortgage, according to a survey from the Financial Services Authority.
The survey of 1,934 UK adults reveals 51% believe it is compulsory to buy life insurance when taking out a mortgage, compared to 49% who do not think it is vital. When buying a life insurance policy, the majority (55%) of consumers do not collect different policies from more than one company in order to compare them, compared to 68% who would shop around when buying a new gadget. The survey also reveals 46% of consumers would check whether their life insurance policy provides adequate cover at least once a year, compared with 22% who would check less often and 30% who would never check. ...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes