Mortgages holders ‘waste millions on life insurance’
Homeowners are paying more money than they need to for their life insurance cover, it has been suggested.
The Post Office has found that Britons pay an extra £310 million a year in life insurance cover because they opt to take it the policy out with their mortgage lender.
Many homeowners may believe that this is compulsory, the organisation said, a mistake which could cost mortgage holders an extra £2,000.
Head of protection at the Post Office Duncan Caesar-Gordon advised homeowners to be savvier about purchasing the insurance.
"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 said.
Mr Caesar-Gordon remarked that "finances are already being stretched on a daily basis" in the current climate.
Halifax recently suggested that rising living costs are putting more pressure on consumer finances.
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