While income protection policies are good for the self-employed, for people in their 20s and 30s they really aren’t necessary
Were you sold insurance to “cover” your mortgage? Were you told you had to have insurance, even though you’d rather not? You may well be wasting thousands of pounds.
Our “How I spend it” column this week features Rebecca Parkin, a champion money saver, who managed to pay off her mortgage by the age of 42 and live debt-free. But she admits how as a “green” 30-year-old in 2005 she was talked into paying £174 a month for an insurance policy to cover her £85,000 mortgage. By shopping around independently, she has since found cover for £6.90 a month.
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