Secured loans holders 'need to think about insurance' - Loans - News - Moneyfacts

News

Secured loans holders 'need to think about insurance'

Secured loans holders 'need to think about insurance'

Category: Loans

Updated: 31/10/2008
First Published: 20/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

People with secured loans should consider taking out insurance to protect themselves financially, it has been suggested.

According to AXA Life, young people in particularly do not consider the need to prepare for the event that they will be unable to work.

Director of marketing protection Iain Mallon explained that older people are generally more comfortable with such thoughts because of their life experience, but younger consumers have not yet reached that stage.

"It's not the sort of thing you get up in the mornings to do and quite often you need prompting to do that," he said.

Mr Mallon's comments came following AXA's findings that nearly half of all women do not have any form of protection.

And of those, 55 per cent have a long-term commitment such as a secured loan or rental payments to consider in the event that they become unable to work.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Regulator to take closer look at high-cost credit

When used well, credit can be a viable way to help make ends meet and balance the books – but the problem comes when that credit is of the high-cost variety. The regulator has will be taking a closer look at the sector to see what else can be done.

The payday loan market is still broken

The payday loan market has been under fire a lot in recent years, and as a result, the financial regulator stepped in. But has it made a difference? Unfortunately, it looks as though there’s still a lot of work to be done.

Get a record low rate loan - if you qualify

Competition in the personal loans market is as hot as ever, so much so that one loan provider has slashed rates to the lowest on record – but only to those who fit the bill. The shopping bill, that is…
 
Close