Great benefits for financial product familiarity

Posted 2007-11-11

Darren Dicks of Norwich Union suggests that it “takes a while” for individuals to become accustomed to the features of financial products. 

But gaining the knowledge and having some experience with the range of financial services and products available to consumers pays off in the long-run.

Familiarity with the procedures of lending such as mortgages, secured loans and second charges can also lead individuals to understand how other products such as life and property insurance can also facilitate wise financial moves.

Mr. Dicks advises, “Certain things can trigger life insurance, making it register that it is worth spending the extra £10 or more per month. Additionally, Mr. Dicks offered, “People tend to want to have experienced financial services for some time before they start buying things like life insurance.”

Securing a life insurance policy along with a secured loan can mean that the outstanding balance is repaid upon death, should a qualifying event such as death occur to the policyholder. 

The Association of British Insurers has revealed that one-third of Britons have no life insurance, while another third have not renewed their policies for five years.

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