Protection insurance 'under-prioritised'

Protection insurance is "under-prioritised" by people in the UK, according to a financial services company.

Research released in 2006 by the Association of British Insurers found that around a fifth of households had mortgage payment protection cover, but Legal & General has stated that many customers are now choosing to take out other kinds of policies ahead of that type of insurance.

Joe Wiggins, the firm's PR manager for protection, stated that since the credit crunch the company had not seen an increase in interest on protection products.

"Protection insurance tends to be under-prioritised in general," he explained.

"In fact we estimate that more people have mobile phone insurance than critical illness cover and income protection, which seems misguided."

According to thisismoney.co.uk, mortgage payment protection insurance is not compulsory, but advised that anyone taking out a home loan should consider the cover.

The website has also stated that good policies will cover any bills related to a mortgage, including interest and repayments.

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