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...
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