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First-time buyers ignore life insurance

Date: Wed, 26 Apr 2006

Many first-time buyers are ignoring the need to ensure they have adequate life insurance when they take possession of their new homes.

A study conducted by IFA Promotion reveals that seven in ten new homeowners are not aware of the other financial products that are necessary when taking out a mortgage. Yet more than 78 per cent are automatically taking out insurance or investment products that are offered by their mortgage advisors.

However, this could mean many buyers are taking out life insurance policies that may not be ideally suited for their needs.

"Buying a home and arranging a mortgage is often a daunting experience, especially for first-time buyers, and the fact that so many people do not fully understand the full complexity of associated financial matters comes as little surprise," said Karen Barrett of IFA Promotion.

She added: "We are therefore warning that people apply caution when seeking expert advice in this area."


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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.