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Britons urged to protect their mortgages
21 April 2008 11:30
Borrowers should take out mortgage protection cover so as to guarantee that they are not at risk of losing their home in any eventuality, Legal & General has advised.
A recent poll by Prudential indicated that over one in 20 people see payment protection cover as the most important type of insurance, with Paul White from Belgravia Insurance Consultants since agreeing that mortgage cover is vital for certain types of homeowner.
Now Legal & General's Joe Wiggins has fully endorsed this type of policy, arguing that having their mortgage wholly protected is ideal for borrowers, especially if they have families, as it ensures that their repayments are met if they are ill, injured or unemployed.
He warned that sick pay from employers does not last that long and that workers who suffer a loss of earnings could soon suffer the consequences, before advising borrowers to seek the help of a financial adviser in finding the right mortgage protection product.
Mr Wiggins also lamented the lack of growth in the take up of protection insurance in general, stating that this type of cover is generally neglected and asserting that more people have mobile phone policies than critical illness or income protection cover.
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