Financial regulator warns housebuyers to shop around for life assurance

HOUSEBUYERS who take out life assurance from their mortgage provider could be missing out on thousands of euro if they fail to check for better deals elsewhere, the financial regulator warned yesterday.

The Irish Financial Services Regulatory Authority (IFSRA) said its latest survey of the life insurance market showed typical consumers could save over €1,000 over a policy’s lifetime, if they shop around.

IFSRA consumer affairs director Mary O’Dea said many consumers only thought about life insurance for the first time when they took out their first mortgage. “When you take out a mortgage, you must have mortgage protection insurance in place, which is a life insurance product that pays off your mortgage if you die during the term,” said Ms O’Dea.