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Personal insurance 'non-negotiable' for mortgage borrowers: Smartline

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Australian Broker | 06 Dec 2012, 04:00 AM Agree 0
Smartline's Joe Sirianni says it's crucial that borrowers take out personal insurance when signing onto a home loan
  • James Markwick | 03 Jan 2013, 04:19 PM Agree 0
    Whilst I agree that personal risk insurance should be looked at in a more serious tone by the consumer, I do not think that it should be made compulsory. I think that it is the consumers choice to make their own educated decision on this topic. Too many things are compulsory in Australia that this is just something else.

    Having said that, I think that brokers could be assisted more by the lender to help make the sale. I know that in the UK, the banks include an insurance section in the forms to ensure that the borrower thinks about their insurance. As this is touched upon by the lender (and must be answered) it gives the broker the option to sell the client their insurance. Look at all the problems that the UK has had from the compulsory selling of payment protection insurance off the back of homeloans.
  • ozboy | 04 Jan 2013, 09:04 AM Agree 0
    As if we weren't a nanny state already. People need to be responsible for their actions or lack of action and this latest trend to try and protect everyone from themselves is fraught with danger.
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