A survey has found that many homeowners do not review their protection cover when remortgaging.
Only 18.6% of respondents stated they thoroughly reviewed their protection when they remortgaged, while 64% performed only a brief check and 17% did not review their cover at all. This suggests that many UK homeowners may have policies that no longer align with their current income, lifestyle, and family circumstances. Consequently, some households could find themselves in a vulnerable financial position if they were affected by illness or bereavement.
Taking a moment to review your cover may be a useful step for your future financial planning.
We can help you assess your needs. Please note that we may receive a commission from the insurer.
As with all insurance policies, terms, conditions, and exclusions will apply.
Note: You may have to pay an early repayment charge to your existing lender if you remortgage.
Source:
https://www.vitality.co.uk/media/speculation-of-spring-rate-cuts-drives-expected-remortgage-surge/
