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Insuring mortgage payments is a low priority

Only 11 per cent of people think mortgage payments are one of the most important things to insure.

Research from Bright Grey which surveyed 2,000 people aged 16 and over found that 40 per cent of people think life cover is the most important insurance to have, 23 per cent believe home contents is a priority while just 11 per cent think mortgage payments is important.

But when asked what they do insure, 74 per cent said they insure their home contents and 61 per cent insure their holidays while life insurance lagged behind at 53 per cent.

Only 23 per cent insured mortgage payments, 15 per cent have income protection while more people insure their mobile phone than have critical illness cover.

Bright Grey product director Roger Edwards says: “Surely running the risk of losing your home is a bigger concern than losing your TV and DVD?

“Many people seem to have sight of their real priorities. Their financial savvy seems to have gone out of the window when deciding what insurance to buy. All this points towards the need for consumers for seek advice when it comes to cover to help them understand their priorities, the options they have and to get the right things insured.”

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