According to research commissioned by Age UK Enterprises, the commercial arm of Age UK, many home insurance customers in later life would be well-advised to check their home insurance policies especially if they have purchased their home insurance from the bank or building society who has provided their mortgage.
More than a third (37%) of people who have home insurance with the bank or building society who provided their mortgage have never considered changing. And a third (36%) of those that haven’t shopped around have had the same home insurance for over 20 years. Two fifths (38%) of those who do shop around find that home insurance with their bank or building society is too expensive
For anyone looking to change their insurance provider and get a policy that meets their needs, Age UK Enterprises is offering to refund cancellation fees up to the value of £40 for any customers who switch to Age UK Home Insurance.
The offer allows customers to move their home insurance cover at any point during their policy term and claim back cancellation fees (up to £40) charged by their existing insurer.
Phillip Densley, Trading Manager, Age UK Wiltshire said: “A substantial proportion of older people remain loyal to insurance providers even when it may not actually be in their best interests, particularly if they have a home insurance policy with the bank or building society who is also their mortgage provider. We urge those in later life to check that they have a suitable insurance policy at a fair price to fit their individual needs. We also don’t think it’s right that older people may be put off moving their home insurance due to cancellation fees.”
To find out more about the products and services offered by Age UK Wiltshire, please call 01380 735502 for the Wiltshire office or 01793 687017 for the Swindon office, or pop into one of our offices either at Age UK Wiltshire, Cromwell House, 31 Market Place, Devizes SN10 1JG or 27 Havelock Street, Swindon SN1 1SD. More information is also available on the Age UK website: http://www.ageuk.org.uk/products/
Age UK Home Insurance, which is provided by Ageas Insurance Limited, offers buildings and contents cover with added benefits including a 24 hour domestic emergency helpline, ‘New for Old’ cover, no hidden cancellation or administration fees and payment by monthly instalments without additional charge (0% APR Representative).
Age UK Home Insurance is provided and managed by Ageas Insurance Limited.
Age UK’s ‘Money Matters’ guide includes information about buying insurance; for a free copy call Age UK Advice free on 0800 169 6565 or visit www.ageuk.org.uk to download a copy.