Protection neglected when remortgaging

A survey has found that many homeowners don’t review their protection cover when remortgaging.

Only 18.6% of respondents said they properly reviewed their protection when they remortgaged, while 64% did a cursory check and 17% did not review their cover at all. This suggests that many UK homeowners may have policies that no longer meet their needs due to changes in income, lifestyle and family circumstances. As a result, some households could find themselves in a vulnerable financial position if they were affected by death or illness.

Take a moment to review your cover now – it could be a vital safety net in the future.

As with all insurance policies, conditions and exclusions will apply. You may have to pay and 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/