According to broker, My Mortgage Direct, in an effort to save cash, homeowners are ditching life cover. The broker warns that just 20% of new borrowers are opting for life cover to protect their mortgage. The organisation emphasises the importance of life cover and said borrowers are looking for ways to claw back cash on what [...]

More: New homeowners at risk by opting out of life insurance

I can't believe people are opting out of taking life insurance, however with inflation rising and the cost of living being so high I can see especially younger people not taking it and thinking "it will never happen to me" attitude. The daft thing is for younger people now is ths time to be buying life insurance as its cheaper than at any other time in there life.

What puzzles me about this story is that I was under the impression that life insurance was not even optional - it was mandatory - unless there were savings or investments (or similar assets) elsewhere to cover it.

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