Families urged to insure their mortgage

Britons “cannot afford” to be without adequate mortgage insurance these days, an expert has warned.

As repayments rise in the restricted lending market, Legal & General advises soaring fuel, energy and commodities costs are also increasing the need for good financial protection.

The firm’s product marketing director of protection, Bonnie Burns, commented: “The question on many people’s lips could be ‘can I afford protection?’ but the question should be ‘can I afford not to have it’!”

She adds failure to take out comprehensive cover is risking “financial disaster”.

Among the insurance options available to homeowners is the family protection policy, providing a set term monthly income in the event of the policyholder’s death or critical illness.

According to new statistics from Key Retirement Solutions, one in three Britons over the age of 55 have yet to pay off their mortgages despite being near or in retirement.

© Adfero Ltd

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